Kaufman Cuts Price Target on TriQuint Semiconductor ( TQNT), Sees New Outlook Already Priced In
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Price: $27.55 --0%
Rating Summary:
6 Buy, 8 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
6 Buy, 8 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Kaufman Bros. is maintaining its Buy rating on shares of TriQuint Semiconductor (NASDAQ: TQNT) and is lowering its price target from $8.00 to $6.50 following the pre-announced third quarter earnings.
The company announced that they are now expecting Q3 revenue of $210-$215 million, down from $225-$235 million. TQNT now estimates EPS to be $0.09-$0.11 for the quarter, below its previous outlook of $0.16-$0.18.
Management claimed that the substantial miss was largely due to "reduced demand from its largest customer, a weaker communications market, and softening demand in China for the expected miss," notes Kaufman.
To go inline with TriQuint Semiconductor's new outlook, the firm is lowering its third quarter revenue and non-GAAP EPS estimates from $225 million and $0.15 to $212 million and $0.10.
For fiscal 2011 and 2012, Kaufman reduced its non-GAAP EPS estimates from $0.66 and $0.60 to $0.55 and $0.50. Revenue for the two years is now forecasted to be $892 million and $955 million, down from its previous estimates of $918 million and $1.01 billion.
Kaufman believes that this may have already been priced in over the past two weeks as shares have fallen roughly 30 percent.
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 $5.17 yesterday.
The company announced that they are now expecting Q3 revenue of $210-$215 million, down from $225-$235 million. TQNT now estimates EPS to be $0.09-$0.11 for the quarter, below its previous outlook of $0.16-$0.18.
Management claimed that the substantial miss was largely due to "reduced demand from its largest customer, a weaker communications market, and softening demand in China for the expected miss," notes Kaufman.
To go inline with TriQuint Semiconductor's new outlook, the firm is lowering its third quarter revenue and non-GAAP EPS estimates from $225 million and $0.15 to $212 million and $0.10.
For fiscal 2011 and 2012, Kaufman reduced its non-GAAP EPS estimates from $0.66 and $0.60 to $0.55 and $0.50. Revenue for the two years is now forecasted to be $892 million and $955 million, down from its previous estimates of $918 million and $1.01 billion.
Kaufman believes that this may have already been priced in over the past two weeks as shares have fallen roughly 30 percent.
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 $5.17 yesterday.
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