Smith Micro downgraded to Hold from Buy at Lake Street

Lake Street analyst Eric Martinuzzi downgraded Smith Micro (SMSI) to Hold from Buy with a price target of $2, down from $4, following the company’s Q3 report. While he expects active marketing to the "substantial" T-Mobile (TMUS) installed base in Q4, he is now "less optimistic" regarding the speed of a revenue ramp and now expects T-Mobile SP7 traction in Q1, which is a quarter later than his prior forecast, Martinuzzi tells investors.