Stephens, Inc. Analyst Harsh Kumar says the emerging trend of wireless charging could represent a significant opportunity for Integrated Device Technology Inc (IDTI). In fact, he says IDTI is widely speculated to have won Apple Inc’s (AAPL) iWatch.
“There are literally only two companies that have those chips today, functioning chips, and that’s TI (TXN) and IDTI,” Kumar says. “The industry is growing about 100% at a minimum for the next foreseeable number of years.”
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Kumar says IDTI also has an opportunity in the power RF area. He says the company currently does about $2 million in revenue per quarter in that area, but that they potentially have design wins for $10 to $15 million a quarter two years out.
“So that’s another area that could be a very nice $50 to $60 million on a topline basis per year,” Kumar says. “The company has $450 million in cash, no discernible need for cash. So it’s about $3 a share in cash. And we think the earnings for this company will keep going up, and also they should benefit from better-than-normal growth.”
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