Oppenheimer Reiterates on Peregrine Semiconductor Corp. Following Solid 3Q Revenue/EPS
In a report published Tuesday, Oppenheimer analyst Rick Schafer reiterated a Perform rating on Peregrine Semiconductor Corp. (NASDAQ: PSMI).
In the report, Oppenheimer noted, “PSMI reported 3Q revenue/EPS of $60.0M/$0.17 vs. consensus $60.3M/$0.12. 4Q guidance, however, of $45M (-25% Q/Q) falls markedly below consensus $55.1M. Just four weeks ago our $59M December estimate had been Street-low. The loss of the primary antenna switch in iPhone 5S/5C (~50% lower content Y/Y at AAPL) is the primary driver of the miss. Absent a full product suite to solve architectural RF challenges in wireless, we believe PSMI has become increasingly locked into the amplified socket design cadences at AAPL/Samsung. Antenna tuning and LTE-A switching could/should drive 2014 designs, but we continue to wait for integrated RF execution to bear fruit. We are significantly reducing estimates. Maintain Perform.”
Peregrine Semiconductor Corp. closed on Monday at $8.44.
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