M/A-COM Technology Solutions (MTSI) PT Lowered to $25 at Stifel

Stifel lowered its price target on M/A-COM Technology Solutions (NASDAQ: MTSI) to $25.00 (from $30.00) while maintaining a Hold rating.

Analyst Tore Svanberg commented, "MACOM reported Dec Q results at the low-end of guidance, and coupled with a Mar Q guide below expectations, we are lowering FY18 EPS estimates by 70%. With multiple moving parts working against even a more tempered recovery (ASP pressures in two primary end markets, SAM reduction), even as opex and capex remain elevated to address NT challenges/opportunities (capacity constraints/new product initiatives), we believe FCF will be substantially constrained for at least the next several quarters (-$13.3mn during F1Q18). Coupled with continued limited visibility and balance sheet flexibility, we maintain our Hold rating on MTSI shares."

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