UPDATE: Jefferies Lowers PT on Smith Micro Software from $4.25 to $3.00

Jefferies has published a report on Smith Micro Software SMSI lowering the price target. In the report, Jefferies wrote, "While still navigating an inventory correction and weaker run-rate at Verizon, SMSI reported below expectations for Q2 and gave weaker than expected Q3 guidance. We continue to believe the key binary event for Smith Micro is whether Verizon will standardize on SODA and SMSI's Mobile Hotspot Manager across its handsets. We cut our estimates, cut our target to $3, and reiterate our Hold rating." Jefferies rated Smith Micro Software a HOLD with a price target lowered from $4.25 to $3.00. Smith Micro Software closed Tuesday at $3.33.