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| Friday, September 29, 2006 |
Shares of Smart Modular Technologies Inc., a maker of PC cards, embedded computers and memory modules, got a boost in Friday trading, a day after the company said its fourth-quarter profit nearly doubled, topping analysts' expectations.
Shares of Smart Modular Technologies, which previously traded between $6.98 and $10.21 over the last year, were up 44 cents, or 4.4 percent, at $10.42 in afternoon trading on the Nasdaq. Earlier in the session shares set a new year-high of $11.10.
Citigroup analyst Jim Suva, who rates the stock at "Buy," said he expected the company's results to continue to buoy the stock.
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"We expect Smart Modular's stronger-than-expected results and outlook to graduate the shares from the single-digit dollar level to the double-digit level on its way to our $12 target price, as the company completed its first fiscal year posting solid and better-than-expected results each quarter with great fundamental business momentum," Suva wrote in a note to clients.
J.P. Morgan analyst Thomas Dinges, who has an "Overweight" rating on the stock, was equally optimistic about Smart Modular's long-term outlook.
"We're sticking with the Overweight rating as we believe there are sufficient new revenue opportunities for Smart Modular in the memory, embedded computing, and thin-film-transistor liquid crystal display markets to keep earnings momentum going over the next 12 to 18 months and to continue driving returns higher," Dignes wrote in a note to clients. |
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