UPDATE: Miller Tabak Downgrades Fairchild Semiconductor to Neutral on Macro Weakness

Miller Tabak reduced its rating on Fairchild Semiconductor

from Buy to Neutral. Miller Tabak said, "FCS is suffering from over all macro weakness despite some positive near term positive drivers in the smartphone and tablet market. The company should have backlog to fill the low end of guidance and we trim our September quarter estimates. FCS has some positive and negative demand trends over the coming quarters. On the negative side the appliance market in China continues to be very weak and this will continue to impact higher margin PCIA sales. We also expect to see a slowdown in the air conditioning market impact sales in coming quarters." Fairchild Semiconductor closed at $14.75 on Monday.