UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Volterra Semiconductor Corporation on Sharp Revenue Decline

In a report published Tuesday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on Volterra Semiconductor CorporatIon

, but lowered the price target from $22.00 to $17.00. In the report, Poole noted, “VLTR's 1Q13 results were slightly below DB/Street, but the incremental surprise is the sharp decline in Consumer & Portable revenue in 2Q13. We model a -40% q/q decline in C&P revenue which will contribute to a y/y revenue decline in 2013. With nearly 50% of the market capitalization in cash and margins trending back to the upper 50s we see ample reasons to wait for a recovery in revenue growth (q/q comparisons inflect in 3Q13). Maintain Buy rating but lower P/T to reflect a sharp decline in revenue in the ST.” Volterra Semiconductor Corporation closed on Monday at $13.05.