Fingerprint Cards share has taken a beating following a softer than expected H2 2016 and the surprise profit warning earlier in December. We expect an additional disappointment in Q1, though we believe FPC will get back on its growth track in Q2 2017. Our revised estimates reflect increased competition in the mobile device segment and a lower TAM contribution from new segments compared to what we previously expected. We have revised our fair value range accordingly. In the longer term we believe FPC stands well positioned to be a leader in biometric solutions. At the current share price we believe there is considerable upside and limited downside.