Jefferies Cuts Price Target On Smith Micro Software (SMSI)

Jefferies reiterated its Hold on Smith Micro Software (NASDAQ: SMSI) and lowered its price target to $1.75 (from $3). The firm also cut estimates.

The firm comments, "The stock is trading near its net cash value, but likely future negative cash flow makes this a shifting level. Also, the key binary event is if Verizon (NYSE: VZ) decides to standardize on SMSI's SODA and Mobile Hotspot Manager across its Android devices. While a decision is unlikely for several months, Smith Micro weakened stock and financial position may make Verizon hesitate to choose Smith Micro solutions even if it is technologically superior."

For more ratings news on Smith Micro Software click here and for the rating history of Smith Micro Software click here.

Shares of Smith Micro Software closed at $1.88 yesterday.

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