Canaccord Genuity Cuts PT and Estimates on Smith Micro Software (SMSI); Q1 Loss as Rebuilding Continues

Canaccord Genuity maintains a 'Hold' on Smith Micro Software (NASDAQ: SMSI) price target lowered to $1.70.

Analyst, T. Michael Walkley, said, "Smith Micro reported Q2/12 results basically in line with our expectations. With its Mobile Network Director win at Sprint and QuickLink Zero mobile hotspot win at T-Mobile, Smith Micro anticipates sales should improve in H2/12. However, we believe Smith Micro must close additional deals in order for the company to slow cash burn and return to profits during 2013."

"Due to our lower sales expectations offset by better operating expense controls, we are maintaining our 2012 pro-forma LPS estimate of $(0.38) and slightly lowering our 2013 pro-forma EPS estimate from $0.18 to $0.17."

For an analyst ratings summary and ratings history on Smith Micro Software click here. For more ratings news on Smith Micro Software click here.

Shares of Smith Micro Software closed at $1.63 yesterday.

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