UPDATE: FBR Lowers PT on Maxim Integrated Products to $32

FBR is out with its report today on Maxim Integrated Products MXIM, lowering its PT from $34 to $32. In its report, FBR writes, "We rate MXIM an Outperform and are decreasing our price target from $34 to $32. We remain bullish on MXIM and think the stock can work higher this year given the firm's attractive high-margin model, its steady execution, and its share gain trends in handsets and smartphones, LCD TVs, automotive, industrial, and smart metering applications." At the time of posting, shares of MXIM were trading at $23.59, down 0.04% from Thursday's close.