Analyst Downgrades Powerwave; Stock Falls

Shares of Powerwave Technologies Inc. fell 18% Friday after an industry analyst downgraded the stock and predicted slower earnings growth through next year. Powerwave, an Irvine maker of amplifiers used in wireless telephone networks, had enjoyed a long upswing in its stock price since last July when shares were trading at $10. But after Samuel May of U.S. Bancorp Piper Jaffray issued his report Friday, the price fell as much as $13.31 a share to $38.50. It closed at $42.25 a share, down $9.56. While May cut his rating on Powerwave to “buy” from “strong buy,” he still expected the share price to reach $60. At least four other analysts reiterated or maintained positive ratings on the company, and one raised profit estimates by 3 cents a share to 68 cents for the current fiscal year.