UPDATE: Benchmark Downgrades MIPS Technologies to Hold

Benchmark is out with its report today on MIPS Technologies MIPS, downgrading MIPS from Buy to Hold. In its report, Benchmark writes, "We are lowering our rating on shares of MIPS Technologies from 'Buy' to 'Hold'. There are three main points underlying our more conservative investment rating including: 1) the impact Google's pending acquisition of Motorola Mobility is having on the Android ecosystem, 2) our more conservative royalty revenue forecast for MIPS in light of recent semiconductor sales trends and 3) the negative impact consolidation and weak semiconductor industry sales will have on MIPS' license pipeline." At the time of posting, shares of MIPS were trading pre-market at $5.39, up 0.19% from Wednesday's close.