Kaufman Bros. Cuts Price Target on TriQuint Semiconductor (TQNT), Maintains Long-Term Outlook

Kaufman Bros. is reiterating its Buy rating on shares of TriQuint Semiconductor (NASDAQ: TQNT) and is lowering its price target by $1 to $8 following the firms 14th Annual Investor Conference.

The firms long-term outlook on the company remains intact as its largest customer Apple (Nasdaq: AAPL) continues to outperform the market in all aspects.

Management indicated that March quarter gross margin will be affected by 200 bps. The company is experiencing weakness in China across all brand and its 3G.

Due to weakness in the company's mobile semgent in the near to mid term, Kaufman is lowering its Q3 revenue and EPS estimates from $230 million and $0.17 to $225 million and $0.15. For 2011 and 2012, the firm cut its EPS estimates from $0.69 and $0.70 to $0.66 and $0.60. They also reduced their revenue estimates for the two years from $934 million and $1.04 billion to $918 million and $1.01 billion.

For more ratings news on TriQuint Semiconductor click here and for the rating history of TriQuint Semiconductor click here.

Shares of TriQuint Semiconductor closed at $6.53 yesterday.

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