Knowles Corp (KN) PT Cut to $23 at Roth Capital on Weaker Smartphone Demand at Key Customer

Roth Capital analyst Suji Desilva lowered the price target on Knowles Corp (NYSE: KN) to $23.00 (from $25.00) after the company reported 4Q19 revenue and EPS below consensus reflecting weaker premium smartphone demand coupled with margin pressure in the company’s precision devices segment.

The analyst maintained a Buy rating but stated "KN’s is experiencing continued demand strength at its lead smartphone customer, we believe China smartphone OEM’s have experienced weaker sales of premium smartphones limiting upside for the company. KN’s audio segment was impacted by premium smartphone demand offsetting continued ramp with the company’s flagship headset customer".

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