UPDATE: Topeka Capital Markets Lowers PT on Spansion Following Reduced Revenue Guidance

In a report published Friday, Topeka Capital Markets analyst Suji De Silva reiterated a Buy rating on Spansion CODE, but lowered the price target from $15.00 to $14.00.

In the report, Topeka Capital Markets noted, “We believe CODE's reduced revenue guidance reflects mild near-term pricing pressure in core Flash memory markets, where we believe competitors have excess available capacity. Our longer-term constructive thesis remains intact, as we continue to regard CODE as a well-positioned differentiated memory company. We also remain constructive on accretion potential from the Fujitsu acquisition deal. We are lowering our price target from $15 to $14, and we maintain our Buy rating.”

Spansion closed on Thursday at $13.22.