Smith Micro price target lowered to $5.50 from $7.50 at Roth MKM

Roth MKM lowered the firm’s price target on Smith Micro (SMSI) to $5.50 from $7.50 but keeps a Buy rating on the shares. The analyst cites the company having announced the loss of a tier 1 customer – likely Verizon (VZ) – noting that the impact is meaningful as it was a "32% customer". Roth MKM adds however that more importantly, Smith Micro’s T-Mobile (TMUS) and AT&T (T) remain on track for ramps in the second half of the year, which is core to the stock’s investment story.