Jefferies Maintains Hold, $4 PT on SemiLEDs

Jefferies reiterates its Hold rating and $4 PT on SemiLEDs

as the company delivers an F4Q11 beat and guides to sequential growth. Jefferies notes, "Semileds reported solid F1Q12 results, beating Street expectations. The company guided to F2Q12 sequential growth. Its rate of pricing decline has slowed but demand remains lackluster ahead of the China 125 plan LED subsidy announcement. The company expects negative margin and loss of $0.27 in F2Q12." LEDS closed at $3.51 per share.