UPDATE: Sterne Agee Lowers PT on Microsemi to $30

Sterne Agee is out with its report today on Microsemi (NASDAQ: MSCC), lowering its PT from $31 to $30.

In its report, Sterne Agee writes, "We are keeping our target P/E at 12X (in line with long-term organic revenue growth in the range of 5%-10% Y/Y and EPS growth in the range of 15%-20% Y/Y) and lowering our target price from $31 to $30 (12X calendar 2012 EPS of $2.47)."

Sterne Agee maintains Buy on MSCC.

At the time of posting, shares of MSCC were trading at $17.40, down 1.42% from Monday's close.

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