SiRF Technology Holdings, Inc (SIRF) Message Board

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Technology Stocks : SiRF Technology Holdings, Inc (SIRF)

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From: tech101	12/14/2006 12:32:50 PM
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AP SiRF Plunges on Possible Competitor Win Thursday December 14, 11:33 am ET SiRF Shares Plummet on Speculation Surrounding Business Lost to Competitor NEW YORK (AP) -- Shares of global positioning system chip maker SiRF Technology Holdings Inc. got shot down Thursday after an analyst speculated that a competitor may have won business from a key customer. Jefferies & Co. analyst Adam Benjamin speculated the company may not have won business with personal navigation device maker TomTom One. "Our checks suggest TomTom has selected privately held Global Locate as a second source GPS chipset supplier, beginning with its next generation TomTom One," Benjamin wrote in a note to investors. Benjamin cut his price target on the stock to $34 from $36, and lowered his 2007 revenue estimate to $304 million from $321 million. Analysts polled by Thomson Financial expect the company to post 2007 revenue, on average, of $307.4 million. Still, Benjamin also noted that although business lost to Global Locate may be a negative for the stock in the near term, he is still optimistic about the company's business prospects in the longer-term future. "We believe SiRF is well positioned to maintain the large portion of its market share going forward," he wrote. Shares of SiRF, which have traded between $18.20 and $42.50 over the last 52 weeks, were down $3.45, or 11.6 percent, at $26.14 in midday trading on the Nasdaq.

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