Seeking Alpha

EZchip gains on Feltl upgrade

  • Feltl has upgraded EZchip (EZCH +3.1%) to Strong Buy, and set a $31 PT.
  • The network processor vendor's shares popped last month following a Q1 beat that was fueled by a 31% Y/Y increase in sales to top customer Cisco (boosted by strong ASR 9000 edge router demand), and a 172% increase in sales to #2 customer ZTE.
  • SA author Darspal S. Mann recently argued Street estimates for 25% 2014 revenue growth may be conservative, given the potential for EZchip's next-gen NP5 processor (can handle 240Gbps) to start contributing in 2H. Mann notes the NP-5 has an ASP that's 60% higher than that of the prior-gen NP-4.
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