UPDATE: Piper Jaffray Downgrades NetLogic Microsystems to Neutral

Piper Jaffray is out with its report today on NetLogic Microsystems

, downgrading NETL from Overweight to Neutral. In its report, Piper Jaffray writes, "Moving to Neutral. NETL announced its intention to be acquired by Broadcom. Our price target goes to $50 from $54 based on the proposed acquisition price which is 28X CY12E EPS of $1.80." At the time of posting, shares of NETL were trading at $47.90. up 50.11% from Friday's close.