SiRF Technology Holdings downgraded to "hold"

03/27/08 - Collins Stewart

NEW YORK, March 27 (newratings.com) - Analyst Ramesh Misra of Collins Stewart downgrades SiRF Technology Holdings Inc (SIRF) to "hold," while reducing his estimates for the company.

In a research note published this morning, the analyst mentions that the company has reduced its revenue guidance for 1Q from $70-$77 million to $60-$62 million. Additionally, SiRF Technology Holdings plans to reduce its headcount by 7% by end-3Q08. Adverse pricing trends continue to impact the company’s performance, Collins Stewart adds. The EPS estimates for 2008 and 2009 have been reduced from $0.70 to $0.12 and from $1.38 to $0.62, respectively.