Peregrine Semiconductor Corp. Lowered to “Hold” at Canaccord Genuity (PSMI)
Peregrine Semiconductor Corp. (NASDAQ:PSMI) was downgraded by equities research analysts at Canaccord Genuity from a “buy” rating to a “hold” rating in a research note issued to investors on Monday, TheFlyOnTheWall.com reports. They currently have a $10.00 target price on the stock, down from their previous target price of $13.00. Canaccord Genuity’s price objective indicates a potential upside of 3.31% from the stock’s previous close.
The analysts wrote, “Teardown analysis of the iPhone 5S and 5C and other sources indicate Peregrine has lost the main antenna switch in the new iPhone 5S and 5C smartphones to Skyworks and RFMD. Given Peregrine’s customer concentration with Apple, we believe the loss of this design meaningfully impacts Peregrine’s sales over the next several quarters and results in us lowering our estimates. Longer term, we believe Peregrine’s patented UltraCMOS technology provides competitive advantages such as better performance, improved integration, and lower power than competing technologies and should position Peregrine to benefit from the growing mix of LTE smartphones and from other technologies such as carrier aggregation. While we still believe Peregrine has a strong long-term roadmap and intellectual property, we downgrade from Buy to HOLD due to our lowered estimates resulting in our new price target of $10 (from $13).”
Shares of Peregrine Semiconductor Corp. (NASDAQ:PSMI) traded down 3.41% during mid-day trading on Monday, hitting $9.35. The stock had a trading volume of 924,348 shares. Peregrine Semiconductor Corp. has a 1-year low of $8.25 and a 1-year high of $19.23. The stock’s 50-day moving average is $11.0 and its 200-day moving average is $10.42. The company has a market cap of $302.0 million and a P/E ratio of 76.83.
Peregrine Semiconductor Corp. (NASDAQ:PSMI) last issued its quarterly earnings data on Monday, July 29th. The company reported $0.03 earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.04) by $0.07. The company had revenue of $52.37 million for the quarter, compared to the consensus estimate of $49.18 million. During the same quarter last year, the company posted $0.03 earnings per share. Peregrine Semiconductor Corp.’s revenue was up 20.0% compared to the same quarter last year. On average, analysts predict that Peregrine Semiconductor Corp. will post $0.30 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on PSMI. Analysts at RBC Capital downgraded shares of Peregrine Semiconductor Corp. (NASDAQ:PSMI) from an “outperform” rating to a “sector perform” rating in a research note to investors on Friday. Separately, analysts at JMP Securities initiated coverage on shares of Peregrine Semiconductor Corp. (NASDAQ:PSMI) in a research note to investors on Tuesday, August 27th. They set an “outperform” rating and a $15.00 price target on the stock. Finally, analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Peregrine Semiconductor Corp. (NASDAQ:PSMI) in a research note to investors on Monday, August 26th.
One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $12.60.
Peregrine Semiconductor Corporation (NASDAQ:PSMI) is engaged in the design, manufacturing and marketing radio frequency integrated circuits (RFICs) for the aerospace and defense, broadband, industrial, mobile wireless device, test and measurement equipment, and wireless infrastructure markets.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.