Canaccord Genuity Reiterates a 'Buy' on Spreadtrum Communications (SPRD); Lowering Numbers for Softer 2G Sales; Anticipate Continued 3G Growth
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Price: $30.93 --0%
Rating Summary:
8 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
8 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Canaccord Genuity reiterates a 'Buy' on Spreadtrum Communications (NASDAQ: SPRD) price target lowered from $33 to $29.
Canaccord analyst, T. Michael Walkley, said, "While we believe Spreadtrum’s Q4/11 results will meet its guidance and our estimates, we are lowering our March quarter and overall 2012 estimates due to an earlier Chinese New Year and our checks indicating slower than normal seasonal sales to start 2012. While we have lowered our 2012 2G and TD-SCDMA unit estimates, we believe Spreadtrum’s share in both markets should grow in 2012. We reiterate our rating and believe potentially slower Q1/12 sales are reflected in the share price. Due to our lowered 2012 estimates, we reduced our price target to $29." (Canaccord lowers FY12 EPS estimate from $3.01 to $2.89)
For an analyst ratings summary and ratings history on Spreadtrum Communications click here. For more ratings news on Spreadtrum Communications click here.
Shares of Spreadtrum Communications closed at $16.33 yesterday.
Canaccord analyst, T. Michael Walkley, said, "While we believe Spreadtrum’s Q4/11 results will meet its guidance and our estimates, we are lowering our March quarter and overall 2012 estimates due to an earlier Chinese New Year and our checks indicating slower than normal seasonal sales to start 2012. While we have lowered our 2012 2G and TD-SCDMA unit estimates, we believe Spreadtrum’s share in both markets should grow in 2012. We reiterate our rating and believe potentially slower Q1/12 sales are reflected in the share price. Due to our lowered 2012 estimates, we reduced our price target to $29." (Canaccord lowers FY12 EPS estimate from $3.01 to $2.89)
For an analyst ratings summary and ratings history on Spreadtrum Communications click here. For more ratings news on Spreadtrum Communications click here.
Shares of Spreadtrum Communications closed at $16.33 yesterday.
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