UPDATE: ISI Group Downgrades Intersil to Sell on Business Model Weakness
ISI Group lowered its rating on Intersil (NASDAQ: ISIL) from Hold to Sell and reduced its price target from $10 to $6.
ISI Group commented, "At the core of our negative view, is our belief that although the company has made taken a much needed step to reduce its expense structure, the model is still not robust enough to avoid a substantial hit to earnings in a contracting demand environment. A premium valuation, relatively high channel inventory, and limited near term growth prospects, combined with our more cautious demand outlook, suggests that the risk to the stock is clearly to the downside, despite the recent underperformance."
Intersil closed at $8.11 on Friday.
Latest Ratings for ISIL
|Jul 2015||Stifel Nicolaus||Maintains||Buy|
|Apr 2015||Deutsche Bank||Maintains||Buy|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.