UPDATE: Citigroup Decreases PT on Freescale Semiconductor Holdings to $18

Citigroup reiterates a Buy rating on Freescale Semiconductor Holdings FSL and lowers its price target from $20 to $18. Citigroup comments, “At their well-attended analyst day on 6/19/12, Freescale reiterated guidance for 2Q12. In doing so, the company suggested that revenue trends were tracking as expected, and gross margin increases should be expected as per guidance. We note that rival Infineon negatively pre-announced 2Q12 raising some questions marks for other broadline chipmakers. But given Freescale's reiteration in such proximity to quarter-end, we see limited risk.” Freescale Semiconductor Holdings closed at $9.75 yesterday.