=DJ Photon Dynamics Up-2: Needham Sees 2Q Bookings Up 22-29%
By Victoria Marcinkowski Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--A bullish research note from Needham & Co. sent Photon Dynamics Inc.'s (PHTN) shares higher Tuesday, prior to the company's fiscal second-quarter report after the bell.
Shares of the maker of flat-panel display equipment jumped as much as 9% after Needham analyst Jim Ricchiuti said he expects the company to report growing orders for flat-panel display products in the second quarter.
"Strong demand for flat-panel displays and growing potential for shortages in calendar year 2002 have set the stage for the next major cycle of capital spending in the flat-panel display industry," Ricchiuti wrote in a Tuesday research note, reiterating his buy rating on Photon's stock.
The analysts expects bookings for the quarter to be up 22% to 29% sequentially to $18-$19 million from $14.7 million in the December quarter.
According to Ricchiuti, Photon gets about 70% of its revenue from flat-panel display vendors. But the company's recent acquisitions in the printed circuits and glass inspection markets have opened up new growth opportunities in the electronics packaging and glass markets, the analyst said.
"As a result, we believe our earnings estimate of $1.47 for next year could prove conservative," Ricchiuti said.
Analysts expect the San Jose, Calif., company to post a loss of 11 cents a share in the second quarter on revenue of $16.9 million.
The stock recently changed hands at $51.55, up $4.39 or 9.3%, on volume of 497,000 shares. Average daily volume is 610,000 shares.
-Victoria Marcinkowski; Dow Jones Newswires; 201-938-2408; victoria.marcinkowski@dowjones.com
(END) DOW JONES NEWS 04-16-02 |
