UPDATE: Jefferies Downgrades Inphi on Less Bullish View

In a report published Thursday, Jefferies analyst Sundeep Bajikar downgraded Inphi IPHI from Buy to Hold, but reiterated the $11.50 price target.

In the report, Jefferies noted, “Consistent with our incrementally less bullish view on the group, we are moving to a Hold rating on IPHI. While there is no material change to our positive view of the company's near-term business fundamentals, investor expectations and valuation have moved higher, with the stock up ~25% in the last three months. Our model remains unchanged, and in line with Consensus.”

Inphi closed on Wednesday at $11.19.