Why Integrated Device Technology (IDTI) Stock Is Up Today

NEW YORK (TheStreet) -- Integrated Device Technology (IDTI) was gaining 6.3% to $12.61 Tuesday after beating analysts' expectations for earnings and revenue in the first quarter.

For the first quarter IDT reported EPS of 14 cents a share, beating the Capital IQ Consensus Estimate of 13 cents a share by 1 cent. Revenue grew 9.3% from the year-ago quarter to $118.6 million. Analysts expected revenue of $117.2 million for the quarter.

"We concluded fiscal year 2014 on a high note with strong Q4 revenue, non-GAAP operating margin and earnings per share," president and CEO Greg Waters said in a press release. "The strength in revenues for the fourth fiscal quarter was primarily driven by sales in our Communications end market as the build-out of global 4G/LTE infrastructure accelerated. Non-GAAP gross margin was slightly impacted by inventory reserves associated with our previous fab closure transition and product mix."

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TheStreet Ratings team rates INTEGRATED DEVICE TECH INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate INTEGRATED DEVICE TECH INC (IDTI) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, reasonable valuation levels and compelling growth in net income. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."

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