UPDATE: Stifel Nicolaus Downgrades BCD Semiconductor to Hold Following Acquisition by Diodes
Stifel Nicolaus reduced its rating on BCD Semiconductor (NASDAQ: BCDS) from Buy to Hold and removed its previous $7 price target.
Stifel Nicolaus noted, "We view this transaction to be positive for the companies involved, as scale matters in commodity analog. Moreover, we believe the merger is a positive development for the analog semiconductor space and the premium (101%) confirms that overall valuation for small cap analog, mixed-signal companies remains too low in relation to intrinsic value."
BCD Semiconductor closed at $7.41 on Thursday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tags: Stifel Nicolaus