Goldman Sachs Downgrades LSI Corporation (LSI) to Neutral

May 1, 2013 7:01 AM EDT Send to a Friend
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Price: $11.14 --0%

Rating Summary:
    10 Buy, 10 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 9 | Down: 10 | New: 35
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Goldman Sachs downgraded LSI Corporation (NASDAQ: LSI) from Buy to Neutral with a price target of $7.00 (from $8.00).

The firm cites two key factors that will make it difficult for LSI to beat Street estimates: "(1) Weak enterprise spending, which is negatively impacting enterprise servers/storage and PCs (60% of sales); (2) continued deterioration in PCs – although LSI’s notebook HDD exposure is small, the decline in desktops (down 13% yoy in 1Q) is pressuring the HDD business."

Goldman lowered 2013/2014/2015 EPS to $0.50/$0.65/$0.75 from $0.50/$0.70/$0.80.

For an analyst ratings summary and ratings history on LSI Corporation click here. For more ratings news on LSI Corporation click here.

Shares of LSI Corporation closed at $6.54 yesterday.


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