Needham & Company Downgrades Peregrine Semiconductor (PSMI) to Hold

February 4, 2014 6:54 AM EST
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Price: $12.45 --0%

Rating Summary:
    2 Buy, 7 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 11 | Down: 22 | New: 54
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Needham & Company downgraded Peregrine Semiconductor (NASDAQ: PSMI) from Buy to Hold following weak Q4 results and outlook.

"We downgrade PSMI to Hold from Buy and remove our 12-month price target as PSMI faces a challenging 2014," analyst N. Quinn Bolton comments. "PSMI reported 4Q13 results at the low end of guidance and below analysts' expectations. Foreshadowing a year of transition for the business, 1Q14 guidance fell well short of expectations, reflecting seasonality and inventory balancing in the mobile business. Also, reflecting a significant decline in revenue in 2H14 at a large OEM (we believe to be Apple), management now expects the mobile business to decline Y/Y in 2014. While PSMI is making progress on its integrated RFFE solution (Global 1), we note this product will not ramp before 2H15."

FY14 estimates fall to $145MM/($0.55) from $220MM/$0.25. They introduce FY15 estimates of $165MM/($0.20).

For an analyst ratings summary and ratings history on Peregrine Semiconductor click here. For more ratings news on Peregrine Semiconductor click here.

Shares of Peregrine Semiconductor closed at $6.65 yesterday.

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