UEIC - Universal Electronics downgraded by Rosenblatt after Q4 miss

• Smart home technology provider Universal Electronics ( NASDAQ: UEIC ) was downgraded by investment firm Rosenblatt Securities on Friday after the company reported fourth-quarter results that badly missed Wall Street estimates.
• Analyst Steve Frankel lowered his rating on Universal Electronics ( UEIC ) to neutral from buy and kept the per-share price target at $20, noting that demand is slowing for TV manufacturers and subscription broadcasters, impacting the business.
• Frankel added the company's revenue guidance for the first-quarter is forecast to be down more than 20% year-over-year and even though there could be a rebound sequentially, it's likely the full-year results are "disappointing."
• For the fourth-quarter, Universal Electronics ( UEIC ) earned 44 cents per share, excluding one-time items as revenue fell 14.7% year-over-year to $122.76M. Analysts were expecting the company to earn 78 cents per share and $130.59M in sales.
• Looking ahead, Universal Electronics ( UEIC ) expects sales to be between $100M and $110M, down from $132.4M in the year-ago period, while it expects to lose between 28 and 38 cents per share on an adjusted basis .

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