Needham & Company Downgrades ANADIGICS (ANAD) to Hold

Needham & Company downgraded ANADIGICS (NASDAQ: ANAD) from Buy to Hold.

Analyst N. Quinn Bolton said, "ANADIGICS reduced 2Q14 revenue guidance due to lower than expected cellular sales. In response, the company announced a strategic restructuring to focus the business on opportunities in the infrastructure market. With revenue lower than expected and reflecting the de-emphasis on the cellular market, EBITDA breakeven has pushed out to 1H15 from 2H14. While we are encouraged by management's actions to reduce expenses, we believe investor concerns regarding cash burn/financing options and the possibility of a faster than expected decline in cellular revenue are likely to limit stock performance in the near term. Consequently, we downgrade the stock to Hold."

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

Shares of ANADIGICS closed at $1.04 yesterday.

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