UPDATE: Oppenheimer DowngradesSky-Mobi Limited from Outperform to Perform and Removes PT

Oppenheimer has published a research report on Sky-mobi Limited

downgrading the company. In the report, Oppenheimer wrote, "We are downgrading MOBI from Outperform to Perform and removing our $16 price target after its negative pre-announcement on Friday. Management's updated guidance suggests much lower than expected sales growth driven by lower feature phone sales and a difficult operating environment for mobile service providers in China." Oppenheimer downgraded Sky-mobi from Outperform to Perform with a price target changed from $16 to Not Applicable. Sky-mobi closed Friday at $6.39.