Barclays Maintains an 'Equalweight' on TriQuint Semiconductor (TQNT); Growth Lacking Without Apple (AAPL), Field of Dreams Weighs on GMs Through '12
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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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Barclays maintains an 'Equalweight' on TriQuint Semiconductor (NASDAQ: TQNT) price target lowered $1 to $5.00.
Barclays analyst says, "TriQuint reported 3Q results at the high-end of its negatively preannounced range, but guided 4Q well below consensus, due to a lack of new ramps and further GM problems (yields plus overcapacity in 2012). Coming into the call, we had highlighted the likely revenue and GM miss, but the magnitude of both exceeded our expectations. Furthermore, the issues likely extend well into 2012, with GMs taking another leg down in 1Q when TQNT's new fab comes online with capacity to support $350M in quarterly revenue (vs $220M guide) and revenue growth is not expected to return until 2H12. One additional negative was TQNT's comments about pricing aggressively to fill this new fab, which makes us more cautious on the entire RF semi group."
"Our CY12 revenue/EPS move to $846M/$0.28 (from $898M/$0.50) and we introduce our CY13 estimate of $896M/$0.50. We lower our price target to $5 (from $6), or 10x our CY13E EPS, given the depressed margins and revenue outlook."
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 $7.17 yesterday.
Barclays analyst says, "TriQuint reported 3Q results at the high-end of its negatively preannounced range, but guided 4Q well below consensus, due to a lack of new ramps and further GM problems (yields plus overcapacity in 2012). Coming into the call, we had highlighted the likely revenue and GM miss, but the magnitude of both exceeded our expectations. Furthermore, the issues likely extend well into 2012, with GMs taking another leg down in 1Q when TQNT's new fab comes online with capacity to support $350M in quarterly revenue (vs $220M guide) and revenue growth is not expected to return until 2H12. One additional negative was TQNT's comments about pricing aggressively to fill this new fab, which makes us more cautious on the entire RF semi group."
"Our CY12 revenue/EPS move to $846M/$0.28 (from $898M/$0.50) and we introduce our CY13 estimate of $896M/$0.50. We lower our price target to $5 (from $6), or 10x our CY13E EPS, given the depressed margins and revenue outlook."
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 $7.17 yesterday.
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