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Maxim Integrated (MXIM) Stock Lower, RBC Downgrades

NEW YORK (TheStreet) -- Shares of Maxim Integrated Products (MXIM) were slumping in early-morning trading on Wednesday as RBC Capital Markets reduced its stock rating to "sector perform" from "outperform" this morning.

The firm maintained its $40 price target on shares of the San Jose, CA-based analog circuits company.

RBC said it downgraded the stock as a result of Maxim Integrated's "fairly modest" valuation discount relative to its peers, among other factors.

Maxim Integrated is well-positioned in the analog market, particularly in the power sector, but further margin expansion is likely to be driven by revenue leverage and less from "self help levers," the firm added.

"We would look to...