In a report released today, James Ricchiuti from Needham reiterated a Buy rating on Bel Fuse Inc, with a price target of $168.00.
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James Ricchiuti has given his Buy rating due to a combination of factors including Bel Fuse Inc’s strong performance in the third quarter. The company demonstrated significant growth in its commercial sector, complemented by robust results in the aerospace and defense segments. This led to a revenue increase that surpassed market expectations, with sales rising 45% year-over-year compared to the anticipated 39%.
Furthermore, Bel Fuse Inc’s gross margins exceeded guidance, and operating expenses were lower than expected, resulting in earnings per share that were nearly 30% above what analysts had predicted. The positive momentum is expected to continue, as indicated by the company’s optimistic revenue guidance for the fourth quarter. Additionally, the successful integration of the Enercon acquisition has contributed to the company’s improved market position, prompting a target price increase from $130 to $168.
Ricchiuti covers the Technology sector, focusing on stocks such as TTM Technologies, IMPINJ, and MKS. According to TipRanks, Ricchiuti has an average return of 14.4% and a 56.97% success rate on recommended stocks.