Canaccord Genuity Trims Est/PT on TriQuint (TQNT), Sees Lower iPhone Content Share

Canaccord Genuity trimmed its price target on Hold-rated TriQuint Semiconductor (NASDAQ: TQNT) from $6 to $5.75 as the iPhone 5 content was similar to 4S, but below 3GS levels.

"While we believe TriQuint is potentially a compelling investment for longer-term investors, we believe it could take until H2/2013 or 2014 for TriQuint to diversify its customer base in order to grow sales and generate stronger margins to take advantage of increased capacity," the analyst notes.

"With iPhone 5 teardowns indicating basically unchanged content share in the iPhone 5 versus the iPhone 4S for TriQuint, we believe TriQuint's sales should ramp during the December 2012 quarter as our checks indicate record sales for the iPhone 5. However, with the iPhone 5 dollar content share less than TriQuint's dollar content share in the iPhone 3GS and GSM version of the iPhone 4, we anticipate lower dollar content share for TriQuint across Apple's changing iPhone sales mix."

The firm lowered Q4/12 pro forma EPS estimate from $0.11 to $0.07 and 2013 EPS estimate from $0.43 to $0.39.

For an analyst ratings summary and ratings history on TriQuint Semiconductor click here. For more ratings news on TriQuint Semiconductor click here.

Shares of TriQuint Semiconductor closed at $5.04 yesterday.

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