Needham cuts Vicor Corp PT on macro, supply chain headwinds

Vicor

22/04/2022 13:40

** Needham cuts PT on power systems maker  VICR.O  to $100
from $130
    ** VICR on Thursday reported a 0.6% fall in Q1 revenue,
while Q1 net income fell to $5 mln from $15.1 mln a year earlier
       
    ** Brokerage says macro and supply chain environment point
toward a similar Q2
    ** Sales and margins, however, are expected to increase
significantly in second half of the year alongside the ramp up
at Andover plant and as supply pressures ease - Needham
    ** Brokerage adds that bookings and backlog were higher than
it expected, signaling that VICR hasn't lost to competitors
    ** Up to last close, stock had fallen ~53% YTD

 (Reporting by Akash Sriram in Bengaluru)
 ((Akash.Sriram@thomsonreuters.com;))