Needham & Company Cuts Price on Multi-Fineline Electronix (MFLX) Following 2Q Earnings Results

Needham & Company maintained a Buy rating on Multi-Fineline (NASDAQ: MFLX), and cut the price target to $27.00 (from $29.00), following 2Q15 earnings results. MFLX reported 2Q revenue of $152.8M, beating $150M consensus. Non-GAAP EPS of $0.47 beat consensus estimates of $0.28. September guidance calls for revenue of $155-185M.

Analyst Richard Kugele commented, "MFLX’s turnaround continued last night with its fourth consecutive quarter of profitability (despite seasonally slowest qtr), driven by strong growth within its top customer. Looking forward we are largely retaining our sales outlook while incorporating a more conservative margin assumption in case mix changes and product launches weigh on COGS over the next several quarters. Nevertheless, the negativity around the stock (given its well-known top customer) has been excessive and now represents attractive value in our view, even to our lowered target of $27 (down from $29) based on 16x NTM EPS of $1.34 plus net cash of $5.63."

For an analyst ratings summary and ratings history on Multi-Fineline click here. For more ratings news on Multi-Fineline click here.

Shares of Multi-Fineline closed at $17.71 yesterday.

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