Electronics For Imaging Rallies After Q1 Results, Stock Upgrade (EFII)
Shares of Electronics For Imaging Inc. (NASDAQ: EFII) climbed 8.47% in regular trading hours on Friday after analysts at equity research firm BMO Capital Markets raised price target on shares to $27 from $24. The equity research firm current keeps “outperform” rating on the stock. The upgrade of the stock comes just a day after when the digital inkjet printers and automated office solutions provider posted better-than-expected quarterly results.
The Foster City CA based Company reported a net income of $8.4 million or 17 cents a share, compared to $6.2 million or 13 cents a share in the year-earlier quarter.
Stripping out onetime items, adjusted earnings came at 33 cents a share in the fiscal first quarter beating analysts’ consensus estimate by a penny. The Company earned 30 cents a share in the same quarter of last fiscal on adjusted basis.
Revenue during the quarter came at $171.36 million, which was 7.1% jump from its year-earlier revenue. Analysts’ consensus estimate was for revenue of $165.40 million.
The Street is expecting EFII to post full-year earnings of $1.44 a share.
A Number of equity research firms have commented on the stock in the recent past.
While two research firms maintain “hold” rating on the stock, three firms have set “buy” rating on the stock.
On Friday, another equity research firm Griffin Securities lifted price target on the stock to $32 from $27 and currently keeps “buy” rating. Earlier on Thursday March 21st, analyst at Brean Murray boosted their price target on the stock to $32 from $25 and set a “buy” rating.
The stock’s 52-day trading range is $13.95 -$27.65 and P/E ratio of 14.99.
Commenting over the results, the Company’s CEO Guy Gecht said in a statement, “The EFI team delivered a great first quarter with revenue growth above our expectations, a solid increase in profitability, and very strong cash generation… With new breakthrough products across our portfolio and sales opportunities at trade shows around the globe, we look for this robust demand to continue into the current quarter as EFI’s innovation continues to help customers drive growth and productivity in their businesses.”
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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