UPDATE: Stifel Nicolaus Cuts PT to $18 on M/A-COM Technology Solutions Holdings on Macro Weakness

Stifel Nicolaus reiterated its Buy rating on M/A-COM Technology Solutions Holdings MTSI but lowered its price target from $22 to $18. Stifel Nicolaus commented, "The macro remains the biggest hurdle, negatively impacting results in each of the company's end markets. In particular, the company's aerospace and defense business continues to be plagued by end market softness and overall uncertainty. While these macro headwinds will now likely persist in the December quarter, the company was confident in its outlook, expecting broad-based improvements as revenue is now ~92% firm-booked for the quarter (vs. 90% same time last q)." M/A-COM Technology Solutions Holdings closed at $10.75 on Tuesday.