J.P. Morgan Withdraws Price Target On Smith Micro Software

According to J.P. Morgan, Smith Micro Software SMSI came in below the revenue expectations and in line with earnings. J.P. Morgan said that it appears the ramp at Verizon still has not begun, and a one-time payment from HP last quarter that's now gone contributed to the revenue downside. “We were pleasantly surprised was that work at Sprint has expanded by a couple of million this quarter. At this point, we think future growth depends on new products that Smith Micro is trying to take off but is still very uncertain given no visible customer wins at this point. We would stay on the sideline despite stock levels.” Smith Micro Software closed yesterday at $3.91.