Topeka Capital Downgrades Audience, Inc. (ADNC) to Hold

Topeka Capital downgraded Audience, Inc. (NASDAQ: ADNC) from Buy to Hold with a price target of $6.00 (from $10.00).

Analyst Suji De Silva said, "ADNC reported 3Q14 revenue below consensus, and guided significant 4Q14 revenue downside reflecting continued weak smartphone demand from its lead customer. Furthermore, ADNC is experiencing a headwind from content loss at a major China handset manufacturer. We believe ADNC has suffered from delays with its newer codec products, and design win losses compounded by program cancellations at smartphone manufacturers."

"Looking ahead, we believe that product issues are being addressed but customer visibility remains challenging. We are lowering our price target from $10 to $6 and downgrading from Buy to Hold. We will look for expense reductions and revenue recovery to bring break-even closer prior to getting constructive on the name," he added.

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 $5.88 yesterday.

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