Benchmark Maintains Hold on Sigma Designs

Benchmark is out with its report today on Sigma Designs

, maintaining Hold. In a note to clients, Benchmark writes, "Following F1Q12 result, we are sticking with our Hold rating. In essence, Sigma will need to prove it can gain back IPTV media processor market share, now that the company's 8650 processor is finally ready. Until we see evidence Sigma can regain share from Broadcom, we think the stock will trade in a tight range with the balance sheet acting as downside support and the lack of EPS capping shares on the upside." At the time of posting, shares of SIGM were trading pre-market at $9.67, down 12.09% from Wednesday's close.