UPDATE - Barclays Downgraded TriQuint Semiconductor (TQNT) to Equalweight on Apple and Gross Margin Headwinds

UPDATE - Barclays downgraded TriQuint Semiconductor (NASDAQ: TQNT) from Overweight to Equalweight, price target lowered from $12 to $6.

Barclays analyst says, "We are raising our content assumptions for TriQuint in the upcoming iPhone 4S/5 (Nasdaq: AAPL) (October) after a round of checks. While our higher content assumptions ($2.00 versus $1.25 as outlined below in Figure 1), give us more confidence in our Q3 estimate and guidance, we believe TriQuint's Q4 guidance of up 10% Q/Q is too aggressive and we see greater seasonality in Q1 as Apple iPhone production is pulled back ahead of a new phone in June '12 and the iPad 3 is likely launched."

"Our CY11 Revenue and EPS estimates move to $923M/$0.68 (from $937M/$0.70 prior) with CY12 moving to $928M/$0.55 (from $1,057M/$0.70)."

To see more ratings changes on TQNT, Click Here

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Barclays Downgrades Renault SA (RNO:FP) (RNSDF) to Equalweight
• JPMorgan Downgrades Bowman Consulting Group Ltd. (BWMN) to Underweight
• JPMorgan Downgrades Kuaishou Technology (1024:HK) to Neutral