UPDATE: Deutsche Bank Reiterates Hold Rating, Lowers PT on Audience on Negative Outlook

In a report published Friday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on Audience ADNC, but lowered the price target from $9.00 to $7.00. In the report, Deutsche Bank noted, “Light print and significant guide-down. Audience reported Q2 revenues of $37.5m, below our estimate of $39.0m and consensus of $38.5m. Pro-forma EPS was ($0.10), above our estimate of ($0.11) and consensus of ($0.12). The company expects Q3 revenue to be in the range of $25 to $28m, well below our estimate of $44m and consensus of $41m. Non-GAAP EPS is forecast to be ($0.37) to ($0.43), well below our estimate of ($0.03) and consensus of $0.05. Until we see customer diversity, we think it will continue to be a struggle for the company. As a result we maintain our Hold rating and lower our price target from $9 to $7.” Audience closed on Thursday at $9.53.