UPDATE: ISI Group Maintains Intersil Corporation at Sell Following Management Shake-Up

ISI Group reiterated its Sell rating and $5 price target on Intersil Corporation ISIL as the company's CEO announced its immediate resignation on Monday morning. ISI Group said, "On the surface, we think the management changes announced today are a positive. Intersil has been struggling for a number of years with its strategy as well as organic growth efforts and acquisitions. We believe any movement at the top is likely to bring about needed attempts to make changes to the company's current strategy. That said, we think the options to bring about short term benefits are limited as the current management team had already made a number of moves to restructure the firm and rationalize expenses." Intersil Corporation closed at $7.55 on Friday.