Benzinga's Top Downgrades With Color for April 25, 2012

Listed below are today's Top Downgrades with color from Benzinga:

: Piper Jaffray writes, "IPHI missed our estimates and we are cutting estimates going forward on higher opex. We believe IPHI has a strong high frequency analog capability that, over time, will drive strong revenue growth. However, to deliver growth in earnings the company has to invest in new products that are not likely to result in material revenue over the next 12 to 18 months. Thus, higher R&D spending is diminishing earnings power over the next couple of years. We are trimming our estimates and believe that the shares are fully valued at 30x our CY13 estimate of $0.40 or $12. We will become more constructive when we see earnings power materialize."

: Keefe, Bruyette & Woods writes, "PVTB reported a 1Q beat to our estimate and consensus, fueled by continued resiliency in the NIM, healthy loan growth, and further progress on the credit front. All points signal continued improvement in the fundamentals; however, based on the significant move in the shares recently and resulting improved valuation we are moving our rating to Market Perform. Raising estimates and price target to $17 from $16."

: Morgan Stanley writes, "PGR is well managed, but the stock's premium valuation implies superior EPS growth and returns. The EPS CAGR has been just 1% since 2003 and we see limited EPS growth in 2012-13 as margin pressure drives our EPS 5% below consensus. Our base case is $18, offering a risk-return skewed to the downside."