UPDATE: Wedbush Securities Downgrades Integrated Device Technology to Neutral, Lowers PT

In a report published Wednesday, Wedbush Securities downgraded its rating on Integrated Device Technology

from Outperform to Neutral, and lowered its price target from $7.50 to $6.00. Wedbush noted, “While we view IDT's strides with “new” products accounting for 17% of overall revenue in FQ2 up from 14% in FQ1 and recent design win announcements with Qualcomm and Intel for wireless products as positives, we are moving to the sidelines and downgrading IDT to a NEUTRAL rating from an OUTPERFORM. We are concerned that the continued uncertainty surrounding the timing of the closing of PLX and the unexpected challenges in computing end markets, particularly with memory interface products, will be near-term headwinds to the stock likely keeping it range-bound.” Integrated Device Technology closed on Tuesday at $5.58.