TriQuint Semiconductor Upgraded to “Outperform” at Zacks (TQNT)
TriQuint Semiconductor (NASDAQ:TQNT) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a research report issued on Thursday. The firm currently has a $23.00 target price on the stock. Zacks‘s price objective would indicate a potential upside of 22.02% from the company’s current price.
Zacks’ analyst wrote, “TriQuint reported robust second-quarter 2014 results with significant year-over-year increase in adjusted earnings and revenues, driven by an improved product mix, higher revenues and successful cost-cutting strategies. The company has been undergoing portfolio restructuring and has also aligned its mobile product strategy around premium filters, high-efficiency high-margin products, and densely integrated solutions. The company is bracing itself to capitalize on LTE expansion, which is expected to drive demand across the board, from infrastructure to handsets. Its recently announced merger with RF Micro Devices will likely offer synergistic benefits and drive growth, going forward. We have changed our long-term recommendation for the stock from Neutral to Outperform as we anticipate it to perform well above the broader market.”
TriQuint Semiconductor (NASDAQ:TQNT) traded down 4.62% on Thursday, hitting $17.98. The stock had a trading volume of 5,150,054 shares. TriQuint Semiconductor has a 52 week low of $6.80 and a 52 week high of $18.86. The stock’s 50-day moving average is $16.54 and its 200-day moving average is $13.50. The company’s market cap is $3.088 billion.
TriQuint Semiconductor (NASDAQ:TQNT) last announced its earnings results on Wednesday, July 23rd. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.06. The company had revenue of $230.80 million for the quarter, compared to the consensus estimate of $218.61 million. During the same quarter in the previous year, the company posted ($0.07) earnings per share. The company’s revenue for the quarter was up 21.4% on a year-over-year basis. On average, analysts predict that TriQuint Semiconductor will post $0.64 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Canaccord Genuity raised their price target on shares of TriQuint Semiconductor from $15.00 to $20.00 in a research note on Friday, July 25th. They now have a “hold” rating on the stock. Separately, analysts at Brean Capital raised their price target on shares of TriQuint Semiconductor from $20.00 to $23.50 in a research note on Friday, July 25th. They now have a “buy” rating on the stock. Finally, analysts at DA Davidson raised their price target on shares of TriQuint Semiconductor from $18.00 to $20.00 in a research note on Thursday, July 24th. They now have a “buy” rating on the stock. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. TriQuint Semiconductor has a consensus rating of “Hold” and an average price target of $90.18.
In other TriQuint Semiconductor news, VP Deborah Burke sold 58,331 shares of the company’s stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $18.57, for a total value of $1,083,206.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
TriQuint Semiconductor, Inc provides a portfolio of radio frequency (NASDAQ:TQNT) solutions.
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