UPDATE: Miller Tabak Upgrades Silicon Laboratories

According to a research report published this morning, Miller Tabak has upgraded Silicon Laboratories SLAB from Neutral to Buy. In the report, Miller Tabak commented, "SLAB had a good quarter and offered solid guidance. The near term fundamentals are sound but the discussion on the call regarding the potential to exit the Smartphone touch market is clearly a negative for longer term fundamentals and also for sentiment on the stock. A significant growth vector for the company has been taken away. However, the stock took an absolute beating in yesterday's trading and we think the decline more than reflects the disappointment in touch." Silicon Laboratories closed yesterday at $33.66.