Montage Technology Group Rating Lowered to Equal Weight at Barclays (MONT)
Montage Technology Group (NASDAQ:MONT) was downgraded by research analysts at Barclays from an “overweight” rating to an “equal weight” rating in a report released on Friday, American Banking News.com reports. They currently have a $16.00 target price on the stock, down from their previous target price of $20.00. Barclays’ target price would suggest a potential upside of 2.04% from the stock’s previous close.
The analysts wrote, “Montage reported Q4 revenue in line and EPS ahead on better opex and taxes but March EPS guidance was below on higher-than-expected opex. Satellite SoC continues to drive the bulk of revenue with new products (HD, DVB2, etc) expected to drive revenue in 2H. Additionally, LRDIMM orders continue to accelerate with the ramp of Ivy Bridge. While we acknowledge the growth potential, the recent allegations could potentially weigh on MONT’s multiple for some time (even post the eventual release of the Jones Day investigation commissioned by Montage). As a result, we move to an Equal Weight rating and lower our PT to $16, based on 10x our new CY15 EPS – a modest discount to our prior multiple given the overhang.”
A number of other analysts have also recently weighed in on MONT. Analysts at Zacks upgraded shares of Montage Technology Group from a “neutral” rating to an “outperform” rating in a research note on Thursday, January 2nd. They now have a $19.00 price target on the stock. Separately, analysts at Topeka Capital Markets initiated coverage on shares of Montage Technology Group in a research note on Thursday, December 19th. They set a “buy” rating on the stock. Finally, analysts at Chardan Capital initiated coverage on shares of Montage Technology Group in a research note on Monday, December 16th. They set a “buy” rating and a $26.00 price target on the stock. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $20.50.
Montage Technology Group (NASDAQ:MONT) traded up 1.98% on Friday, hitting $15.99. 285,212 shares of the company’s stock traded hands. Montage Technology Group has a one year low of $10.00 and a one year high of $26.70. The stock has a 50-day moving average of $19.98 and a 200-day moving average of $16.9. The company has a market cap of $439.7 million and a P/E ratio of 17.23.
Montage Technology Group (NASDAQ:MONT) last issued its quarterly earnings data on Thursday, February 20th. The company reported $0.37 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.30 by $0.07. The company had revenue of $35.40 million for the quarter, compared to the consensus estimate of $35.24 million. On average, analysts predict that Montage Technology Group will post $1.44 earnings per share for the current fiscal year.
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