Piper Jaffray Maintains Neutral on Advanced Analogic Technologies (AATI)

Piper Jaffray is out with its report today on Advanced Analogic Technologies (NASDAQ: AATI), maintaining Neutral.

In a note to clients, Piper Jaffray writes, "AATI made progress in controlling operating expenses in the quarter, and there was evidence that the company is starting to get some diversification. However, AATI missed our top line estimate due to weaker than expected demand for Samsung Galaxy tablets and a product transition at the company's data card customer. We expect the data card business to start to recover in Q2. We expect Samsung to relaunch the Galaxy in Q3 boosting revenues. In addition, AATI has designed into five of the top e-readers and we expect this revenue to ramp in Q3. This gives us some confidence in our revenue estimates for 2H:11. AATI has made significant progress in cutting opex and focusing its R&D efforts more efficiently. While the cost savings are measurable, revenue growth remains a show-me. Maintain Neutral."

Piper Jaffray has a $3.80 PT on AATI.

Shares of AATI closed Monday at $4.17, down 2.11% from Friday's close.