UPDATE: Auriga Lowers PT on PMC-Sierra to $6.50

Auriga is out with its report today on PMC-Sierra (NASDAQ: PMCS), lowering its PT from $8 to $6.50.

In its report, Auriga writes, "We maintain our Hold rating, but reduce our price target to $6.50 from $8 for PMC-Sierra as the company reported largely in-line 3Q11, but the 4Q11 guidance fell well short of our/consensus estimates primarily due to weaker macro trends and inventory correction in the optical/wireless segments."

At the time of posting, shares of PMCS were trading pre-market at $6.39, down 6.44% from Thursday's close.