UPDATE: Canaccord Lowers PT on Integrated Device Technology from $9 to $7

Canaccord reiterated a Buy rating on Integrated Device Technology IDTI and lowered its price target from $9 to $7. Canaccord commented, “While guidance for the September quarter was below consensus, we believe expectations were for a soft outlook. A focus on cost controls sets up nicely for improvement in operating margins going forward, with or without the close of PLXT transaction, while new product momentum is healthy for SRIO, PCIe and PCIe SSDs. Reiterate BUY.” Integrated Device Technology closed at $4.97 on Monday.