WR Hambrecht reiterates hold rating on NetGear (NTGR).
Analyst Ryan Hutchinson says the company posted mixed fourth-quarter results and first-quarter guidance. He says, while he's impressed with the company's ability to meet its long-term operating model, he does not yet view these activities as sufficient material to warrant more constructive long-term view of stock.
He still thinks the long-term sustainability of the company's efforts to expand and maintain margins at or above current levels, especially in light of increasing competition from alternative vendors, will likely prove ambitious over the coming quarters.
Hutchinson ups his 83 cents 2005 earnings per share estimate to 93 cents, but keeps a "show me" view.