Zacks Investment Research downgraded shares of TriQuint Semiconductor, Inc. (TQNT) from OUTPERFORM to NEUTRAL on January 14, 2013, with a target price of $5.50.
TriQuint reported better-than-expected results for the third quarter of 2012, as adjusted loss of $0.02 was better than the Zacks Consensus Estimate of a loss of $0.04. TriQuint is one of the leading players in the handset market, and new users and new applications are further creating a lucrative growth opportunity for the company. The handset market has also consolidated around a few top players and the company continues to gain traction with major customers like Samsung. However increased competitive pressure and under-utilization of manufacturing facilities are likely to impair its long-term profitability to some extent. Consequently, we are changing our recommendation for the stock from Outperform to Neutral.
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