Stock Alert for Integrated Device Technology Inc. (IDTI)
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    Integrated Device Tech lowers Q2 Guidance, Analysts lower Price Target

    Integrated Device Tech lowers Q2 Guidance, Analysts lower Price Target

    Shares of Integrated Device Technology Inc. (NASDAQ: IDTI), a designer, developer, manufacturer and marketer of a variety of semiconductor solutions for the advanced communications, computing and consumer industries, nudged higher in trading today despite the company lowering  its second-quarter guidance.

    After market close yesterday, Integrated lowered its second-quarter fiscal 2012 revenue guidance to $138 million-$141 million from previous guidance range of $147 million-$153 million.

    Commenting on the downward revision, Dr. Ted Tewksbury, president and CEO of Integrated Device Technology, said that the broad-based weakness in customer orders the company experienced in the later half of the June quarter continued through September. Tewksbury further said that in the face of weaker macro-economic growth and shorter component lead times, many of the company’s customers focused on controlling inventory and remain cautious about placing new orders, resulting in lower-than-anticipated turns-fill for the September quarter.

    Following the downward revision, Wedbush lowered its price target on the company’s shares from $8 to $7, while maintaining the Outperform rating.

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