UPDATE: Piper Jaffray Downgrades Inphi; Lowers PT

According to a research report published this morning, Piper Jaffray has downgraded Inphi

from Overweight to Neutral, and has lowered PT from $18 to $12. Piper Jaffray said in the report, "IPHI missed our estimates and we are cutting estimates going forward on higher opex. We believe IPHI has a strong high frequency analog capability that, over time, will drive strong revenue growth. However, to deliver growth in earnings the company has to invest in new products that are not likely to result in material revenue over the next 12 to 18 months. Thus, higher R&D spending is diminishing earnings power over the next couple of years. We are trimming our estimates and believe that the shares are fully valued at 30x our CY13 estimate of $0.40 or $12. We will become more constructive when we see earnings power materialize." Inphi closed yesterday at $13.69.