Zacks Investment Research downgraded shares of Microsemi Corporation (MSCC) from OUTPERFORM to NEUTRAL on April 10, 2014, with a target price of $27.00.
Microsemi Corporation is an OEM of a broad range of high-reliability and analog/mixed signal integrated circuits. First quarter results surpassed the Zacks Consensus Estimate. The company also provided a strong forward guidance. The bulk of revenue comes from stable end markets (defense, aerospace and medical equipment), where Microsemi serves most of the largest players. Microsemi's compelling products, scope for margin expansion and decent balance sheet are other positives. However, macro-driven weakness and heavy investment in R&D could impact near term profitability. We are therefore downgrading Microsemi shares from Outperform to Neutral.
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