Jefferies Cuts Numbers On Powerwave (PWAV) After Weak Q4
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Rating Summary:
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Up: 8 | Down: 6 | New: 26
Rating Summary:
1 Buy, 3 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 6 | New: 26
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Jefferies cut estimates and its price target on Powerwave Technologies (NASDAQ: PWAV) from $2 to $1.15 following Q4 results that badly missed estimates.
The firm comments, "Following a weak Q3, Powerwave guided Q4 revenues up Q/Q and operating CF of breakeven but reported revenues -22% Q/Q and OCF of -$11M. Management cited extensive price pressure from Asia competitors at its European OEM partners. PWAV is undertaking a massive restructuring but the targets seem ambitious to us considering the fluid operating environment. We cut our target from $2 to $1.15 and reiterate our Hold."
Jefferies cut Q1 EPS estimates from ($0.43) to ($0.83) and FY11 from $0.07 to ($2.65).
For an analyst ratings summary and ratings history on Powerwave Technologies click here. For more ratings news on Powerwave Technologies click here.
Shares of Powerwave Technologies closed at $1.57 yesterday.
The firm comments, "Following a weak Q3, Powerwave guided Q4 revenues up Q/Q and operating CF of breakeven but reported revenues -22% Q/Q and OCF of -$11M. Management cited extensive price pressure from Asia competitors at its European OEM partners. PWAV is undertaking a massive restructuring but the targets seem ambitious to us considering the fluid operating environment. We cut our target from $2 to $1.15 and reiterate our Hold."
Jefferies cut Q1 EPS estimates from ($0.43) to ($0.83) and FY11 from $0.07 to ($2.65).
For an analyst ratings summary and ratings history on Powerwave Technologies click here. For more ratings news on Powerwave Technologies click here.
Shares of Powerwave Technologies closed at $1.57 yesterday.
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