UPDATE: Piper Jaffray Downgrades Digi International; Lowers PT

According to a research report published this morning, Piper Jaffray has downgraded Digi International

from Overweight to Neutral, and has lowered PT from $16 to $12. Piper Jaffray commented in the report, "Order losses and pushouts, primarily from smart energy end markets, have taken down expectations. Demand response and energy management orders are softer than previously expected as some customers have slowed orders or programs have been discontinued. DGII has also seen a migration away from its Rabbit product line (13% of 2011 revenues), which it projects will be down 5-15% in FY12. Management has lowered FY12 revenue and EPS guidance to $190-$200m (previously $210-$235m) and $0.26-$0.38 ($0.38-$0.64 previously)." Digi International closed yesterday at $11.19.