Chardan Capital Markets Starts Peregrine Semiconductor (PSMI) at Neutral

Chardan Capital Markets initiates coverage on Peregrine Semiconductor (NASDAQ: PSMI) with a Neutral rating and a price target of $6.50.

Analyst Jay Srivatsa notes Peregrine's presence in the handset market for LTE devices could be limited near term. "While the company recently launched its Ultra CMOS Global 1 RF front end solution that integrates antenna switch and tuner as well as the Post PA switch and MMMB PA, the company does not expect to receive meaningful revenues from this product till late 2015," he said.

The analyst also notes lawsuit overhang with ongoing lawsuits from last year with RFMD, HTC and Motorola regarding infringement of Peregrine's IP. Srivatsa also doesn't see a near term catalyst. "With a challenging market ahead for smartphones in 2014 coupled with declining revenues from Apple (AAPL-NR), we are projecting meaningful growth for PSMI no sooner than 2015. As such, we recommend investors stay on the sidelines and wait for a better entry point on PSMI."

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

Shares of Peregrine Semiconductor closed at $6.36 yesterday.

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