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In a report published Wednesday, J.P. Morgan analyst Harlan Sur downgraded the rating on
IntermolecularIMI from Overweight to Neutral, and lowered the price target from $15.00 to $12.00.
In the report, J.P. Morgan noted, “Although IMI continues to diversify its CDP revenue base by entering into new markets (materials development, advanced semiconductor logic/memory, LED/lighting and flat-panel display) and diversifying its customer base (SanDisk/Toshiba, Micron/Elpida, Global Foundries, ATMI, First Solar, and Epistar), we believe meaningful royalty revenue streams are not on track to ramp in 2014. The uncertainty related to royalty revenue ramps at key customers including SanDisk/Toshiba, Global Foundries and Micron is driving our near- to mid-term muted outlook.”
Intermolecular closed on Tuesday at $7.40.
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