- I have counted about 6 downgrades on SiRF Tech (NASDAQ:SIRF) this morning. The stock is down 40% after not meeting estimates and guiding down last night. Most analyst tgts now stand around $10.
I have a few points I wanted to make:
- First, this can't be a total surprise considering what Harman (NYSE:HAR) had to say about navigation devices.
- I was talking to a wireless/GPS analyst just yesterday who indicated that the SiRF chip may be designed into Google's phone.
- GPS functionality will be widely available in handsets sooner or later.
I think SIRF is a bounce candidate here @ around $9.