Piper Jaffray Downgrades Spreadtrum Communications (SPRD) to Neutral
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Piper Jaffray downgrades Spreadtrum Communications (NASDAQ: SPRD) from Buy to Neutral and lowers their price target from $11 to $3.30. The firm also lowers their FY08E EPS from $0.38 to a loss of $0.13, and reduces their FY09E EPS from $0.73 to $0.01.
The firm said, "Spreadtrum reported inline Q208 results but provided Q308 guidance well below our expectations due to macro weakness in China, product delays, and product transitions at several key customers taking longer than anticipated. We believe Spreadtrum is losing near-term market share and suffering through a transition in its product portfolio. Due to our belief there are limited near-term catalysts, we are lowering our estimates and downgrading to Neutral."
Spreadtrum Communications, Inc. is a supplier of baseband processor solutions to Chinese-based handset suppliers.
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