) to neutral from outperform.
Analyst Scott Randall says the company attributes the significant shortfall to weaker than expected demand and ongoing price pressure. He says increased macro-economic concerns weigh on both the supplier and customers' fourth-quarter confidence. Randall thinks the company's concentration at the low end of the market results in greater vulnerability to increased Asian-based competition and significant share loss at key Chinese customers.
He sees few catalysts over the next several quarters, even as the company moves through its normally seasonally strongest period. Randall cut his $23 target to $13.