Equities researchers at Deutsche Bank (NYSE: DB) dropped their target price on shares of STEC (NASDAQ: STEC) to $7.00 in a report issued on Wednesday.
The analysts wrote, “STEC reported mixed F1Q-12 results and guided F2Q-12 significantly below Street expectations. Mgmt blamed the lower guidance on qualifications of new Gen 4 products taking longer than expected. While STEC believes sales will bottom in F2Q-12, we believe the stock remains a wait-and-see story, with F3Q-12 guidance the next significant catalyst. We have reduced our FY-12E and FY-13E.”
Shares of STEC traded down 3.51% during mid-day trading on Wednesday, hitting $7.43. STEC has a one year low of $7.53 and a one year high of $18.48. The company has a market cap of $342.8 million and a P/E ratio of 15.40.
STEC last issued its quarterly earnings data on Tuesday, May 8th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by $0.02. The company’s revenue for the quarter was down 46.9% on a year-over-year basis. On average, analysts predict that STEC will post $-0.03 earnings per share next quarter.
A number of other analysts have also recently weighed in on STEC. Analysts at Needham & Company reiterated a “hold” rating on shares of STEC in a research note to investors on Wednesday. Analysts at FBN Securities cut their price target on shares of STEC to $8.50 in a research note to investors on Wednesday, February 29th.
STEC, Inc. (STEC) is a global provider of enterprise-class Flash-based solid-state drives (SSDs) that are designed for enterprise-class hardware that companies use to retain and access their critical data.
