NEW YORK (TheStreet) -- JMP Securities lowered its price target on Knowles (KN) - Get Reportstock to $27 from $29 on Tuesday, after the company reported its 2015 third quarter earnings results yesterday.
The Itasca, IL-based company, which supplies microphones and speakers, reported earnings of 16 cents per share on revenue of $294.6 million.
Analysts surveyed by Thomson Reuters were expecting the company to report earnings of 11 cents per share on revenue of $297.9 million.
Knowles reduced its fourth quarter earnings projections to a range of 18 cents to 24 cents per share, compared to the Street's estimate of 23 cents per share. Shares of Knowles traded down in after-hours trading in response, which JMP Securities said was a misplaced reaction.
"After factoring in insights into Samsung's weakness and the timing of IC segment declines, our calculations suggest that Knowles picked up 180M or more incremental units of MEMs Mics with the iPhone 6s refresh, to put it on pace to achieve a 60% or better share with the most important smartphone platform in the industry," the firm said.
Shares of Knowles were down 15.48% to $17.64 in late morning trading on Tuesday.
Separately, TheStreet Ratings team rates KNOWLES CORP as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
We rate KNOWLES CORP (KN) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. Among the areas we feel are negative, one of the most important has been weak operating cash flow.
You can view the full analysis from the report here: KN