At B. Riley, our research process is an interactive one where we perform extensive due diligence on companies until the analyst develops the knowledge base and understanding of the company and the industry to make a recommendation. Our analysts continuously monitor industry developments and communicate with the management, competitors, suppliers and customers of the companies we follow, regularly communicating our findings through Research Updates and daily Morning Notes.
While we do not necessarily publish research on all of the companies we review, the knowledge base and understanding of many of our monitored companies parallels that of our covered companies. We actively cover over 100 companies and monitor an additional 100. Our analysts cover small to mid-cap companies that are under-followed or misunderstood by Wall Street. We believe that the pricing of small cap equities is frequently inefficient, and therefore provides the greatest potential rewards to diligent security analysis.
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This Week's Research
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02/09/12
Morning Note
B. Riley & Co. Morning Notes: AKAM, API, AXTI, CALD, CYS, GRPN, KONA, Optical Component Industry, PPC, RGC, SIX
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02/09/12
Update
SIX (Buy; $62.00 PT): Increases dividend by 10x on heels of large buyback authorization; changing valuation methodology to reflect high dividend payout;…
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02/09/12
Update
CYS (Neutral; $13.50 PT): Largely in-line quarter; leaving estimates materially unchanged, but PT rises from $13.00 to $13.50 on decline in required…
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02/09/12
Update
GRPN (Sell; $13.00 PT) Reports revenues of $507 million vs. RILY $467.4 million/ consensus $475 million; 1Q12 revenue growth guidance lower than expected;…
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02/09/12
Update
AKAM (Neutral; $35.00 PT): Strong Quarter with Favorable Reacceleration Trends; Increasing Estimates with PT Increasing from $34 to $35; Maintain…
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02/09/12
Flash Report
SPA (Flash Research): December Quarter In Line; Raising Estimates on Growing Backlog and Traction in New Business Development
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02/09/12
Update
CALD (Neutral; $7.00): Reports In Line Q4 Results; Lowering Estimates on Higher Operating Expense Assumptions; Maintain “Neutral” Rating
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02/08/12
Morning Note
B. Riley & Co. Morning Notes: ATNY, BWLD, CSTR, GLUU, LIOX, LTRE, NFLX, OPNT, OPXT, ROVI, VCLK, VTSS
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02/08/12
Update
VTSS (Buy; $4.80 PT): Event: New products gathering momentum; Lowering FY13 estimates while raising PT from $4.50 to $4.80; Maintain “Buy"
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02/08/12
Update
OPXT (Buy; $1.55 PT): Event: Ramping production capacity and should reach pre-floods level by the June quarter; Lowering EPS estimates; Raising PT…
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02/08/12
Update
LTRE (Buy; $7.50 PT): Event: FQ1 ’12 Beat Overshadowed by Weak Q2 Guidance; Lowering Estimates; Lowering Price Target From $10.25 to $7.50
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02/08/12
Update
OPNT (Neutral; $34.50 PT): Reports Q3 ’12 Results Short of Consensus; Lowering Estimates and Price Target; Maintain “Neutral” Rating
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02/08/12
Update
VCLK (Buy; $25.00 PT): Strong Quarter and Much More to Come as Sales Coverage Improves; Raising Estimates and Increasing Price Target from $22 to…
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02/08/12
Update
BWLD (Neutral; $65.00 PT): Event: Wing costs even greater than anticipated, but so are sales; hazy guidance reiterated
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02/08/12
Update
GLUU (Buy; $5.00 PT): Beat and Raise Driven by Smartphone Strength from New Titles
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02/08/12
Update
LIOX (Buy; $4.50 PT): Reports Mixed Q4 Results; Lowering Estimates and Price Target; Reiterate "Buy" Rating
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02/07/12
Update
AGNC (Buy; $33.00 PT): Neither Q411 shortfall nor dividend cut alter our projections; Lowering price target from $33.50 to $33.00 - merely a 'mechanical’…
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02/07/12
Morning Note
B. Riley & Co. Morning Notes: ACW, CALD, CSTR, GHDX, GSM, OCLR, OPXT, SABA, STMP, VSAT, VTSS
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02/07/12
Update
VSAT (Buy; $72.00 PT): Q3 (Dec) light but only minor adjustments to model as Exede by ViaSat ramps
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02/06/12
Update
ACW (Buy; $13.00 PT): Truck Orders and Outlook from Truck OEMs Tracking In Line; Trimming Margin Assumptions; Continue to See 2H12 as Margin Inflection…
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02/06/12
Update
GHDX (Neutral; $28.00 PT) Q4 and FY 2011 revs in line, earnings $0.01 light; newly issued 2012 guidance illustrates reinvestment priorities; Announces…
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02/06/12
Desk Report
CSTR (Buy; $100.00 PT): Reports EPS of $1.00 vs. RILY $0.65/consensus $0.64; raising FY12 estimate from $3.69 to $4.16, initiating FY13 estimate of…
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02/06/12
Update
GSM (Buy; $19.75 PT): Reports EBITDA of $30.8MM vs. RILY $29.5MM/consensus $32.3MM Monday pre-market; raising 2012/’13 adjusted EBITDA estimates…
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02/06/12
Update
ARR (Sell; $6.60 PT): Lowering estimates and rating, from Neutral to Sell, given potential near term dilution, disappointing Q4 2011 results and greater…
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02/06/12
Update
VSAT (Buy; $72.00 PT): Raising price target from $50.00 to $72.00 as ViaSat-1 set to Exede expectations
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02/06/12
Earnings Preview
Q4 '11 Earnings Preview - Sorted By Company Name
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02/06/12
Update
SIMO (Buy; $32.00 PT): SIMO beats Again; raising FY ’12 EPS from $1.44 to $1.84; increasing PT from $25.55 to $32.00
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02/06/12
Earnings Preview
Q4 '11 Earnings Preview - Sorted By Date
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02/06/12
Update
BWLD (Neutral; $56.00 PT): Long-term growth likely to stay intact, but may take a hiatus in FY’12