UPDATE: Jefferies Raises PT to $2 on Powerwave Technologies
By David Johnson Benzinga Staff Writer April 13, 2012 7:19 AM
Jefferies boosts its price target from $1.15 to $2 on Hold-rated Powerwave Technologies (NASDAQ: PWAV[FREE Stock Trend Analysis]) 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."