J.P. Morgan Forecast In-Line With Entropic Communications 1Q Results (ENTR)

J.P. Morgan reports that Entropic Communications' (NASDAQ: ENTR) first quarter revenue was on point with its estimation.

Entropic posted revenues of $71.5 million, but the company's second quarter may take a hit. J.P. Morgan explains, “Given competitor's market share gain in 2Q and management's guidance, we are adjusting our 2011 and 2012 estimates (vs. prior estimates) to $277M (vs. $305M) and $313M (vs. $346M).”

Entropic Communications has price target of $13.50, down from the previous PT of $16, and a Buy rating.

At closing yesterday, Entropic Communications was trading at $8.46.