UPDATE: Miller Tabak Downgrades Silicon Laboratories to Neutral

Miller Tabak has published a research report on Silicon Laboratories

and has downgraded the company from Buy to Neutral with a new price target of $49. In the report, Miller Tabak writes, "SLAB posted a strong quarter and guidance and has outperformed peers in recent quarters. The company is seeing strong growth prospects in key end markets and segments, particularly Timing, MCU, Touch and TV tuners. We are holding a relatively conservative approach to the year but note that the various new design wins and product launches the company is seeing could lead to upside in the back half of the year. While the demand trends point to positive momentum we see the stock price as largely reflecting this momentum." Silicon Laboratories is currently trading down $0.80 from yesterday's $46.73 closing price.