LeCroy (NASDAQ:LCRY) not only turned in a sold second quarter, with bookings growing at a 35 percent clip, but they're also receiving orders in January at record levels.
Needham says, "LCRY turned a stellar FQ2 report yesterday after preannouncing better than expected results ahead of the company's recent presentation at the Needham Growth Conference. Bookings rose 35% y/o/y, and orders thus far in January are on a record pace. Mgmt raised full-year guidance, citing broad-based strength in the mid-range and high-end segments of the scope market and across its major geographic regions. Given the current demand environment, we believe there is further upside to operating margins over and above mgmt's latest guidance.
"We are raising our non-GAAP EPS estimate for FQ3 to $0.30 from $0.25 on revenues of $45.6M. We are raising our F11 EPS estimate to $1.09 from $1.00 on revenues of $176M and have increased our F12 EPS estimate to $1.20 from $1.15 on revenues of $193M."
Needham & Company maintains a 'Buy' rating on LeCroy (LCRY), which closed Thursday at $13.37, down $0.08, or 0.59 percent. Needham raised their price target on LeCroy from $16 to $17.
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