UPDATE: Wedbush Securities Downgrades LSI (NYSE: LSI) to Neutral on HDD, Networking Outlook

Wedbush Securities reduced its rating on LSI

from Outperform to Neutral and lowered its price target from $7.50 to $7. Wedbush Securities noted, "We downgrade LSI to a NEUTRAL rating from OUTPERFORM and reduce our PT to $7 from $7.50 as we believe with all three of LSI's segments facing challenges due to the uncertainty around the strength of PCs, adoption rate of client SSDs, and slowing in IT spending,that relative to our universe LSI will now perform in line." LSI closed at $6.29 on Wednesday.