Jefferies analyst Mark Lipacis notes that Smart Global is down 20% following a short report that he said "inaccurately depicted" the risk associated with a transition in Brazil's local content requirements. Brazil implemented a change to how it measured and rewarded OEMs for using Brazil produced content in PCs and cellphones in July, and his understanding is that it has nominal impact on Smart Global, Lipacis tells investors. The analyst, who believes that the company's Brazil business is stabilizing and will move higher in the second half of 2019, sees the weakness as a "particular opportunity" to buy the stock, he tells investors. Lipacis keeps a Buy rating and $37 price target on Smart Global shares.