Oppenheimer Downgrades Peregrine Semiconductor (PSMI) to Perform

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Oppenheimer downgraded Peregrine Semiconductor (NASDAQ: PSMI) from Outperform to Perform following Q4 results.

The firm comments, "PSMI reported 4Q revenue/EPS of $63.0M/$0.19 vs. consensus $62.3M/$0.21. First-quarter guidance of $44.5M (down 30% Q/Q) is starkly below consensus $57.2M. We are incrementally concerned with the increasing competitive threat from SWKS/RFMD. Our checks indicate SWKS won the ASM in iPad Mini. The threat that SWKS proliferates this ASM across 2013 iPhone/iPad refreshes significantly clouds PSMI's visibility and creates uncertainty/volatility in the shares. At the same time, we believe RFMD has bolstered its position in antenna tuning. We believe risk/reward favors stepping aside near term as AAPL dependence (~50% of sales) is reduced and PSMI has time to deliver on its new product roadmap."

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 $10.98 yesterday, with a 52 week range of $10.79-$19.47.

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