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Technology Stocks : Semi Equipment Analysis

SOXX 312.76

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Dec 8 4:00 PM EST

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From: Donald Wennerstrom	11/6/2018 4:03:28 PM
	1 Recommendation Recommended By Return to Sender Read Replies (1) of 95536

Cohu misses by $0.08, misses on revs; guides Q4 revs below estimate 4:10 PM ET 11/5/18 \| Briefing.com Reports Q3 (Sep) earnings of $0.30 per share, $0.08 worse than the S&P Capital IQ Consensus of $0.38; revenues fell 8.0% year/year to $86.2 mln vs the $92.03 mln S&P Capital IQ Consensus. Co issues downside guidance for Q4, sees Q4 revs of $168-183 mln vs. $200.00 mln single analyst estimate. "With the completion of the Xcerra acquisition, Cohu is now a global leader in back-end semiconductor equipment and services and printed circuit board test, with a breadth of products that is unmatched in the industry serving an approximate $5 billion addressable market. We've received strong positive feedback from customers and are encouraged by the cross-selling opportunities across our product portfolio. The integration of the two companies is off to a good start and we have already implemented $9.1 million in annual run rate cost synergies. We expect to meet our initial cost synergy target of $20 million within the first two years and later achieve our goal of $40 million within three to five years." COHU is trading down today, at the moment about -16%> Two analysts have responded today with "Buy" recommendations. Cohu price target lowered to $28 from $32 at DA DavidsonDA Davidson analyst Thomas Diffely lowered his price target on Cohu (COHU) to $28 after its Q3 earnings miss, saying the soft mobility market impacted sales in thermal handlers and turret handlers, while the "normal seasonal weakness" also played a part. The analyst keeps his Buy rating however, noting that the expected extra softness coming from the inclusion of Xcerra (XCRA) into 2019 earnings will drive consensus lower and "only strengthen an already attractive risk-reward profile". Diffely contends that any share weakness should be viewed as a buying opportunity. Read more at: thefly.com streetinsider.com B.Riley/FBR analyst Craig Ellis lowered the price target on Cohu (NASDAQ: COHU) to $26.00 (from $30.00) while maintaining a Buy rating.

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