Shares of Intersil Respond to Evercore Downgrade
Shares of Intersil (NASDAQ: ISIL) took a sharp drop following Evercore analyst Patrick Wang's downgrade from Equalweight to Underweight and $9 price target reiteration.
Wang reported that Intersil stock has gained since November due to better sentiment on PC's. The analyst noted that investors may be overestimating the benefit to Intersil as the company's exposure to PC's has fallen to sub-20%. Evercore remains hopeful on the company turnaround, although this is more long-term in nature.
Intersil closed at $11.47 on Tuesday and shares have traded as low as $10.37, down almost 10.61%.
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