Barclays Maintains an 'Equalweight' on Integrated Device Technology (IDTI); Growth Muted as IDT Works through Inventory Adjustments/PC Clock Roll-Off

Barclays maintains an 'Equalweight' on Integrated Device Technology (NASDAQ: IDTI) price target of $6.00.

Barclays analyst says, "As expected, IDT reported revenue and EPS of $138M and $0.11, broadly in line with IDT's pre-announced guidance. While a December decline was expected, the outlook for a -10-15% Q/Q was worse than expectations leading us to remain on the sidelines as we await evidence of IDTI's potential growth drivers and operational leverage."

"Our CY11 revenue and EPS move to $558M/$0.40 (from $571M/$0.36 prior) and our CY12 estimates move to $508M/$0.29 (from $546M/$0.28)."

For more ratings news on Integrated Device Technology click here and for the rating history of Integrated Device Technology click here.

Shares of Integrated Device Technology closed at $6.08 yesterday, with a 52 week range of $4.70-$8.74.

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