UPDATE: JP Morgan Downgrades Vishay Intertechnology to Neutral on High European Exposure

JP Morgan reduces its rating on Vishay Intertechnology

from Overweight to Neutral and reduces its price target from $15.50 to $11. JP Morgan notes, "We are downgrading Vishay to Neutral from Overweight due to high exposure to Europe. We believe VSH have estimates most negatively impacted, in our view, since the company generates roughly 40% of its sales from Europe. In addition, Vishay is roughly 18% exposed to the PC end market, which is the weakest end market currently." VSH closed at $10.50 on Tuesday.