UPDATE: J.P. Morgan Downgrades Fairchild Semiconductor to Neutral, Lowers PT on Mixed 1Q13 Results

In a report published Friday, J.P. Morgan analyst Christopher Danely downgraded the rating on Fairchild Semiconductor FCS from Overweight to Neutral, and lowered the price target from $16.00 to $12.00. In the report, Danely noted, “Yesterday, before the open, Fairchild reported mixed 1Q13 results and guided 2Q13 revenue above seasonal. Despite strong revenue growth, the leverage we had anticipated is not materializing as the company has missed gross margin guidance for four of the last six quarters with unexpected increases in operating expenses. As a result, we are downgrading Fairchild from Overweight to Neutral.” Fairchild Semiconductor closed on Thursday at $12.15.