Chardan Capital Markets Downgrades Audience, Inc. (ADNC) to Neutral

Chardan Capital Markets downgraded Audience, Inc. (NASDAQ: ADNC) from Buy to Neutral and lowers their price target to $9.00 after Q2 revenues and Q3 guidance falls below consensus.

Analyst Jay Srivatsa comments, "In our preview note on Jul 14, we had cut our Q3:14 estimates, well below consensus as well as our price target for ADNC. But apparently, Samsung business was worse than we had projected. While the company strives to increase its exposure to other customers away from Samsung and Apple and is taking steps to reduce its operating expenses near term, we do not see an investment thesis for ADNC for the 2H:14. As such, we are downgrading the stock to Neutral."

For an analyst ratings summary and ratings history on Audience, Inc. click here. For more ratings news on Audience, Inc. click here.

Shares of Audience, Inc. closed at $9.53 yesterday.

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