UPDATE: Citigroup Downgrades Intersil to Sell on Challenging PC Outlook
Citigroup lowered its rating on Intersil (NASDAQ: ISIL) from Hold to Sell and established a $5 price target.
Citigroup noted, "ISIL derived 22% of sales from PC revenue in 3Q12. … Next year as computers transition to Haswell processors, ISIL's bread-and-butter V-Core market is likely to compress 50%+. ISIL management hopes to offset its V-Core controller losses by winning other ancillary power sockets. This hope appears unrealistic in our view though, because competitors TXN and ONNN are increasingly volume hungry and price aggressive owing to depressed utilization / structural overcapacity."
Intersil closed at $6.57 on Wednesday.
Latest Ratings for ISIL
|Jan 2015||Credit Suisse||Maintains||Buy|
|Nov 2014||Northland Securities||Initiates Coverage on||Outperform|
|Oct 2014||Stifel Nicolaus||Maintains||Buy|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.