Oppenheimer Maintains Perform on BCD Semiconductor (BCDS)

Oppenheimer is out with its report today on BCD Semiconductor BCDS, maintaining Perform. In a note to clients, Oppenheimer writes, "After the close, BCD Semiconductor reported non-GAAP 1Q EPS of $0.19 on sales of $31.0M, slightly ahead of the Street's $0.17 and $30.5M. Gross margin of 29.3% was below guidance of 29.5-30.5%, but was offset by lower than expected share count of 18.1M vs. guidance of 21.9M. Top-line outlook of $36M-38M compared favorably with consensus $36.5M. Shares have traded meekly since debuting in January (-8%), and we do not think expectations were high. We anticipate only a slight positive bias to Street estimates and look for a muted share reaction. At 8x our CY12E EPS of $1.18, shares trade at a discount to peers' 12x. Given an elevated risk profile, we believe shares are fairly valued at current levels." Shares of BCDS closed Monday at $9.67.