UPDATE: Wunderlich Securities Lowers Price Target on PMC-Sierra to $9

According to Wunderlich Securities, PMC-Sierra (NASDAQ: PMCS) price target is lowered to $9.

Wunderlich Securities said that PMCS reported results of $173.3 million in revenues and $0.18 in non-GAAP EPS, respectively, compared to the estimates of $177.0 million and $0.17, well within guidance of $171-$181 million. “We are lowering our estimates due to macro weakness and, in turn, lowering our price target to $9 from $10.”

PMC-Sierra closed yesterday at $6.83.