UPDATE: Jefferies Raises PT to $2 on Powerwave Technologies

Jefferies boosts its price target from $1.15 to $2 on Hold-rated Powerwave Technologies

following negative Q1 pre-announcement, as checks indicated AT&T order flow-through. Jefferies notes, "As we feared, management's guidance for Q1 revenues being up Q/Q proved too optimistic. PWAV is now guiding to $40-$45M (down 25%-33% Q/Q) with no further details. The key is AT&T. Our checks indicate that AT&T orders are finally flowing to customers in Q2, but we have not been able to determine if PWAV has maintained its share at AT&T. Due to this binary situation, we maintain our Hold." PWAV closed at $2.15 on Thursday.