UPDATE: Oppenheimer Downgrades EZchip Semiconductor Ltd. to Perform, Removes PT on Lowered 2014 Estimates

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In a report published Monday, Oppenheimer analyst Andrew Uerkwitz downgraded the rating on

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EZchip Semiconductor Ltd.

(NASDAQ: EZCH) from Outperform to Perform, and removed the $34.00 price target.In the report, Oppenheimer noted, “We downgrade to Perform and remove our price target after we reviewed our 2014 estimate and determined we needed to lower it. Our 2014 estimate is now $1.29, down from $1.43. Moreover, with the Street estimate being $1.54, we expect that to come down as we head into the new year. We note mgmt gives guidance for only one quarter ahead. After reviewing our revenue by customer, we now believe JNPR sales will be down 52%, CSCO will be up 36%, and everything else ~15%. While this still seems aggressive, we note it is well below Street. We also note, we estimate that CSCO contributes about 66% of 2014 earnings, up from just a bit above 50% in 2013.”EZchip Semiconductor Ltd. closed on Friday at $23.60.