Barclays Maintains an 'Equalweight' on TriQuint Semiconductor (TQNT); Reset as Expected, but Still Not Out of the Woods

Barclays maintains an 'Equalweight' on TriQuint Semiconductor (NASDAQ: TQNT) price target of $6.00.

Barclays analyst says, "TriQuint's negative preannouncement last night is consistent with checks and our downgrade in late August that suggest TriQuint is likely to see challenges over the next several quarters. TriQuint attributed its miss to (1) weakness at Apple (Nasdaq: AAPL), (2) softness in Comm Infrastructure, and (3) weakness in China handsets. While this reset likely brings consensus estimates closer to ours and the stock likely finds a near-term bottom given its cash and tangible book, from a fundamental basis we believe TriQuint is still not out of the woods."

"Our CY11 revenue and EPS estimates move to $892M and $0.55 (from $923M and $0.68), respectively, and CY12 to $898M and $0.50 (from $928M and $0.55), respectively."

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 $5.47 yesterday.

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