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Needham Upgrades Analogic to 'Strong Buy'

Needham upgraded Analogic (ALOG) to strong buy from buy.

On Wednesday the company posted $1.59 vs. five cents second quarter earnings per share. Analyst Dalton Chandler says the $160.6 million second quarter revenue estimate beat his $147.4 million estimate, and earnings per share would have met or beat his $1.83 estimate excluding one-time items.

He notes a marketing deal with Lockheed Martin for the company's COBRA portal explosion detection system, and its deal with Sanders Design to build an infrared counter measure system (IRCM). He says a bill is pending in Congress that would require all U.S. commercial aircraft to be outfitted with IRCM-type technology.

Chandler raised his $485.7 million fiscal 2003 revenue estimate to $498.8 million, and cut his $4.62 earnings per share estimate to $4.38. He also maintains his $68 target.

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