Spansion Inc. (CODE) Issues Q3 Earnings Guidance
Spansion Inc. (NASDAQ:CODE) updated its third quarter earnings guidance on Wednesday. The company provided EPS guidance of $0.22-0.30 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.38, Stock Ratings News reports. The company issued revenue guidance of $305-345 million, compared to the consensus revenue estimate of $343.89 million.
A number of analysts have recently weighed in on CODE shares. Analysts at Jefferies Group upgraded shares of Spansion from a hold rating to a buy rating in a research note on Tuesday, July 22nd. They now have a $28.00 price target on the stock, up previously from $21.00. On a related note, analysts at Topeka Capital Markets raised their price target on shares of Spansion from $21.00 to $25.00 in a research note on Monday, July 14th. They now have a buy rating on the stock. Finally, analysts at Morgan Stanley raised their price target on shares of Spansion from $20.00 to $24.00 in a research note on Friday, June 13th. They now have an overweight rating on the stock. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Spansion currently has a consensus rating of Buy and an average price target of $22.69.
Spansion Inc. (NASDAQ:CODE) traded up 0.29% on Wednesday, hitting $20.40. 2,156,306 shares of the company’s stock traded hands. Spansion Inc. has a one year low of $9.70 and a one year high of $23.36. The stock’s 50-day moving average is $21.57 and its 200-day moving average is $18.18. The company’s market cap is $1.232 billion.
Spansion (NASDAQ:CODE) last released its earnings data on Wednesday, July 30th. The company reported $0.24 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.25 by $0.01. The company had revenue of $314.70 million for the quarter, compared to the consensus estimate of $327.01 million. During the same quarter last year, the company posted $0.26 earnings per share. Spansion’s revenue was up 61.3% compared to the same quarter last year. Analysts expect that Spansion Inc. will post $1.27 EPS for the current fiscal year.
Spansion Inc (NASDAQ:CODE) provides flash memory-based embedded systems solutions.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.