Powerwave in Power Dive: Down 38 Percent This Week

It’s been a bad week for Powerwave (PWAV): The stock is down 38 percent since Friday.

Not a lot of substantive news, but plenty of incremental worry about the state of the communications equipment segment. Powerwave makes power amplifiers and other components for communications gear.

This morning, C.L. King analyst Lawrence Harris trimmed estimates for the company. For 2008, he goes to 16 cents from 17 cents; for 2009, he now sees 30 cents, down from 34 cents. Harris maintains his Accumulate rating and $5 target price on the stock.

Harris notes that the Nokia Siemens infrastructure equipment joint venture today reported revenue for Q3 that was down 14 percent sequentially and 5 percent year-over-year; he notes that Nokia accounts for 28 percent of the company’s revenue in Q2, and 35 percent in 2007.

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