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Canaccord Genuity Maintains a 'Hold' on Powerwave Technologies (PWAV); Cutting Estimates and PT on Weak Q4 Results

February 15, 2012 9:41 AM EST Send to a Friend
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Canaccord Genuity maintains a 'Hold' on Powerwave Technologies (NASDAQ: PWAV) price target lowered to $1.00.

Analyst, T. Michael Walkley, said, "Powerwave reported Q4/11 sales of $60.1M and a pro forma LPS of ($0.95), well below our $92.8M/($0.54) estimates. Given limited visibility and anticipated lower sales to OEMs, management did not provide Q1/12 sales or EPS guidance. However, we were encouraged with announced aggressive cost reduction plans and comments management is striving to resize the business with a break even target of $70M in quarterly sales. While we believe Powerwave has enough cash to fund the business through its restructuring, we maintain our rating and lower our PT."

"...we are lowering our 2012 pro forma EPS estimate from $0.31 to ($1.22). We are introducing our 2013 EPS estimate of $0.08."

For an analyst ratings summary and ratings history on Powerwave Technologies click here. For more ratings news on Powerwave Technologies click here.

Shares of Powerwave Technologies closed at $1.57 yesterday.




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Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change

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