UPDATE: Miller Tabak Downgrades PMC-Sierra to Neutral on Market Slowdown

Miller Tabak reduced its rating on PMC-Sierra

from Buy to Neutral. Miller Tabak noted, "We continue to like PMC longer term positioning but the company is at the mercy of a slow growth market. We are also concerned about a slowdown in the server and storage space in 2013 after an initial build out of new Romley servers in 2012. Higher gross margin, lower opex and lower share count in the back half of the year sets the company up well to show earnings leverage should conditions rebound. PMC-Sierra closed at $6.23 on Monday.