UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Freescale Semiconductor

In a report published Friday, Deutsche Bank reiterated its Buy rating on Freescale Semiconductor (NYSE: FSL), but lowered its price target from $15.00 to $13.00.Deutsche Bank noted, “FSL delivered in-line 2Q results (excluding one-time IP sales) as expected. For 3Q, while rev guidance likely disappoints (down -5% q/q), we note core revs appear to be holding up at flat q/q. More importantly, FSL is aggressively adjusting utilization/inventory, and while this likely impacts results NT, we view this as a LT positive that positions the co for better leverage when macro headwinds subside. We retain our Buy rating but lower our P/T to $13.”Freescale Semiconductor closed on Thursday at $10.21.