UPDATE: Jefferies Cuts PT to $17 on M/A-COM Technology Solutions Holdings on Lower Guidance

Jefferies reiterated its Buy rating on M/A-COM Technology Solutions Holdings

but reduced its price target from $21 to $17. Jefferies commented, "MTSI beat SepQ EPS by $0.02 and guided DecQ revs 150bps below consensus at the mid-point. We cut our CY13 EPS by $0.06 and price target by $4, but remain buyers given: 1) better revenue performance relative to competitors, 2) robust new product pipeline of highermargin products should translate to higher growth and gross margin expansion of 400 bps through EOCY13. M/A-COM Technology Solutions Holdings closed at $10.75 on Tuesday.