Tuesday, January 11, 2011

ANADIGICS (NASDAQ:ANAD) Growth Target Should be Met Says Needham

Needham & Company said ANADIGICS (NASDAQ:ANAD) should meet their growth target, and has increased revenue and EPS estimates on the company for 2011.

Needham says, "We believe ANAD continues to execute towards its growth target and has secured multiple new design wins with leading tablet and handset OEMs. Given our increasing handset market forecast, we are increasing our 2011 revenue and non-GAAP EPS estimates to $265MM/$0.38 from $258MM/$0.35. This compares with the current consensus of $250.6MM/$0.29...2012 estimates. We are introducing 2012 revenue and non-GAAP EPS estimates of $310MM/$0.55, representing 17% and 44% growth over 2011, respectively."

Needham & Company reiterates a "Buy" rating on ANADIGICS, which closed Monday at $7.82, up $0.17, or 2.22 percent. Needham raised their price target on them from $7.50 to $10.50.

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