Ixia shares rise 26 percent on strong revenue forecast
(Reuters) - Shares of Ixia Inc (XXIA.O) rose 26 percent to a year high on Friday after the telecom network testing products maker forecast third-quarter revenue above Wall Street estimates on strong demand from network gear makers.
The company on Thursday forecast revenue of between $103 million and $107 million, while analysts were expecting $102.2 million, according to Thomson Reuters I/B/E/S.
The company's second-quarter results were also ahead of estimates.
"Looking forward to the third quarter, while there's uncertainty in the macro environment that we are not immune to, we are encouraged by our momentum," Chief Executive Vic Alston said in a conference call with analysts.
Ixia counts Cisco Systems Inc (CSCO.O), NTT, Alcatel-Lucent SA (ALUA.PA), Juniper Networks Inc (JNPR.N), and Dell Inc DELL.O among its customers.
Mizuho Securities USA raised its price target on the company's stock to $14 from $13.
Ixia shares were up $2.44, or 18 percent, at $15.41 in midday trading on the Nasdaq. They touched a high of $16.40 earlier.
(Reporting by Chandni Doulatramani in Bangalore; Editing by Maju Samuel)