Integrated Device Tech Receives a Buy from Needham

By Austin Angelo

In a report released today, Quinn Bolton from Needham reiterated a Buy rating on Integrated Device Tech (NASDAQ: IDTI), with a price target of $25. The company’s shares closed yesterday at $20.71.

Bolton commented:

“IDTI reported in-line F2Q17 results but provided F3Q17 revenue guidance below expectations reflecting the cancellation of the Samsung Note 7, the divestiture of a crystal oscillator business and weak demand in the base station market. However, tight OPEX controls, savings from the divestiture and synergies associated with the ZMDI acquisition mitigate the impact on earnings. With IDTI shares under pressure over the past few weeks, we believe the bad news is largely already reflected in the share price. We encourage investors to use recent weakness as a buying opportunity as we anticipate the company will return to Y/Y growth in FY18 driven by memory interface for the Purley server platform, growing adoption of wireless charging and traction in the sensor market.”

According to, Bolton is a top 25 analyst with an average return of 17.2% and a 69.4% success rate. Bolton covers the Technology sector, focusing on stocks such as Sequans Communications S A, Ikanos Communications, and M/A-Com Technology.

Integrated Device Tech has an analyst consensus of Moderate Buy, with a price target consensus of $24.40.

Integrated Device Tech’s market cap is currently $2.79B and has a P/E ratio of 16.75. The company has a book value ratio of 3.9348.

Based on the recent corporate insider activity of 50 insiders, corporate insider sentiment is negative on the stock. Most recently, in August 2016, Mario Montana, the VP, CHIEF SALES OFFICER of IDTI sold 217,254 shares for a total of $4,284,485.

Integrated Device Technology, Inc. designs, develops, manufactures and markets low-power, high-performance mixed signal semiconductor solutions for the advanced communications, computing and consumer industries. It offers communications solutions for customers within the enterprise, data center and wireless markets. The company operates business through two segments: Communications and Computing & Consumer. The Communications segment includes clock and timing solutions, Serial RapidIO switching solutions, Crystal Oscillator replacements, radio frequency, signal path products, flow-control management devices and first in and first out, integrated communications processors, high-speed static random access memory and digital logic and telecommunications products. The Computing & Consumer segment includes clock generation and distribution products, high-performance server memory interfaces, PCI Express switching solutions, signal integrity products, multi-port products, touch controllers, PC audio, power management solutions and video products. Integrated Device Technology was founded by Chun P. Chiu and Frank Lee in 1980 and is headquartered in San Jose, CA.