UPDATE: JP Morgan Reiterates Intersil Corporation at Underweight Post CEO Departure

JP Morgan reiterated its Underweight rating and $5 price target on Intersil Corporation

as the company's CEO resigned on Monday morning. JP Morgan noted, "Today before the open, Intersil announced CEO Dave Bell has resigned effective immediately. We believe the transition could be a good development if the company becomes more aggressive in lowering its cost structure and improving its profitability as it continues to lose share in the challenging PC end market. We are maintaining our Underweight rating due to overall weakness and Intersil's share loss in the PC end market combined with the company's lack of earnings and high payout ratio threatening its dividend." Intersil Corporation closed at $7.56 on Friday.