UPDATE: Wedbush Securities Reduces PT to $7.50 on LSI on HDD and IT Spending Headwinds

Wedbush Securities reiterated its Outperform rating on LSI LSI but lowered its price target from $9 to $7.50. Wedbush Securities said, "We look for LSI to report Q3 results AMC on Wednesday, Oct 24 at the low end of guidance ranges and provide muted outlook due to its high exposure to the HDD industry. While we maintain our OUTPERFORM rating on LSI, we are concerned that muted demand from the HDD industry and a slowing in IT spending could be considerable headwinds offsetting strength in the company's rapidly growing SSD (client & enterprise) business and keeping the stock in the near-term range bound." LSI closed at $6.46 on Friday.