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Brean Capital Cuts Price Target for Integrated Device Technology Inc (IDTI) Following Disappointing Earnings

Shares of Integrated Device Technology Inc (NASDAQ:IDTI) are down 10% to $19.97, after the analog chip maker reported disappointing revenue and EPS guidance, as it will be impacted by the loss of a socket at top customer, Huawei, who has internally designed out IDTI’s SRIO solution.

In reaction, Brean Capital analyst Mike Burton reduced his price target to $23.00 (from $26.00), while reiterating a Buy rating for the stock.

Burton wrote, “This socket loss will result in a roughly $12M quarterly deduction to revenue going forward. While this development is disappointing, longer term we still have conviction...