Needham Maintains a Hold Rating on MagnaChip

By George MacDonald

In a report released today, Rajvindra Gill from Needham maintained a Hold rating on MagnaChip (NYSE: MX). The company’s shares opened today at $6.95.

Gill said, “MagnaChip issued its 4Q14 and 1Q15 results that were roughly in-line with its restated revenue levels earlier this year. The company continues to see softness in its foundry business as it looks to diversify its customer base away from Samsung. This process is expected to take up to a year to generate additional foundry revenue and performance may remain muted over the next several qtrs. While we were encouraged to see the company put its financial reporting issues to bed, we believe profitability will be an uphill battle in the near term.”

MagnaChip has an analyst consensus of Hold.

The company has a one year high of $15.72 and a one year low of $4.89. Currently, MagnaChip has an average volume of 413k.

Financial bloggers on sites such as zacks.com, investorplace.com and others, seem to have Positive view on MX. When evaluating the opinions of financial bloggers over the last 3 months, 50% of bloggers have indicated a Bullish sentiment, while 50% have indicated a Bearish sentiment.

According to TipRanks.com, Gill is a top 25 analyst with an average return of 26.9% and a 71.4% success rate. Gill covers the Technology sector, focusing on stocks such as Integrated Silicon Solution, Silicon Laboratories, and Angie’s List Inc.

Magnachip Semiconductor Corp is a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products for high-volume consumer, computer and communication applications.