This guy is the only analyst who still covers the stock:
Needham & Company Cuts Estimates on MEMSIC Inc. (MEMS); Setback Needham & Company maintains a 'Hold' on MEMSIC Inc. (NASDAQ: MEMS).
Analyst, Vernon Essi, Jr., said, "MEMS reported yet another record quarter with Q1 revenue and EPS well above Street estimates. However, the Q2 guidance of a 25% Q/Q revenue decline was materially below consensus and will likely result in a reset of expectations. We anticipated that the recent revenue momentum built on the compass design wins were likely to be short lived; we discussed this possibility in our March 19th downgrade note of MEMS shares, though we didn’t anticipate the drop would be as significant as this guide. MEMS’ largest customer, a major handset provider that accounted for just over 40% of Q1 revenue by our calculation, reduced its order rates and MEMS does not anticipate a recovery with this customer until at least Q4. In the interim, MEMS has added new functionality to its solution and hopes to have other handset customers ramping to offset this impact. On other fronts, MEMS introduced a new mass flow sensor solution targeting a natural gas utility in China and saw revenue grow 15% Q/Q in both its Industrial and Automotive segments."
"We lowered our 2012 revenue/EPS from $83M/$0.02 to $70M/($0.01) and our 2013E revenue/EPS from $89M/$0.05 to $85M/$0.05."