UPDATE: Jefferies Lowers PT on BCD Semiconductor to $7.50

Jefferies is out with its report today on BCD Semiconductor

, lowering its PT from $8 to $7.50. In its report, Jefferies writes, "BCDS has declined ~50% from its IPO price of $10.50 in January 2011, and is trading at EV/S of 0.3x, we believe in part due to broad investor concerns about potential accounting irregularities at businesses based in China. Our $7.50 PT (from $8.00) represents EV/S of 0.6x (70% discount to group avg. of 2.0x). We think there is room for BCDS' multiple to expand as it outgrows its peers over the next 6-to-12 months." Jefferies maintains Buy on BCDS. Shares of BCDS closed Thursday at $5.60, up 3.13% from Wednesday's close.