In a report published Tuesday, Wunderlich Securities analyst Matthew S. Robison reiterated a Hold rating on Ixia (NASDAQ: XXIA), but lowered the price target from $16.00 to $12.00.
In the report, Wunderlich Securities noted, “Prior to yesterday morning's update, Ixia (XXIA) had not reported since October 29, 2013, and has been in a quiet period most of the time since last September. Ixia restated 2012 and 2013 and reported 4Q13 for the first time. While the restatement did not reveal major changes to then run-rate economics, performance since 3Q13 is well below prior expectations. Some of this may be temporary and fixed with acquisition integration.
"Our new forecast is reset to reflect gradual improvement from profit decline expected to be reported for 1Q14. With the forecast revision, we have brought our 12-month price target down to $12 from $16. Management expects to have full 1Q14 results next month and plans to name a permanent CEO and CFO by the end of 3Q14.”
Ixia closed on Monday at $11.81.
See more from Benzinga
-
Mid-Afternoon Market Update: FMC Slips On Weak Outlook; Integrys Energy Shares Surge
-
Mid-Day Market Update: FMC Slips On Weak Outlook; Integrys Energy Shares Surge
-
Mid-Morning Market Update: Markets Edge Lower; Oracle To Acquire Micros For /Share
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.