UPDATE: Piper Jaffray Lowers PT on Volterra Semiconductor from $38 to $31

Piper Jaffray reiterated an Overweight rating on Volterra Semiconductor

and lowered its price target from $38 to $31. Piper Jaffray remarked, “Volterra missed consensus by $0.03 and our estimate by $0.04 and guidance was weak. We had previewed much stronger results and guidance. We believed VLTR's server and storage business should have been more tightly correlated to Intel's data center business, but it was not this quarter. Based on VLTR's results, it appears the Romley ramp is slower than expected and server demand is somewhat muted. Notebook demand in the quarter came in above our model. We are cutting estimates, assuming much lower server revenue.” Volterra Semiconductor closed at $25.22 on Monday.