Lattice Semiconductor price target lowered to $61 from $80 at Needham

Needham lowered the firm’s price target on Lattice Semiconductor to $61 from $80 but keeps a Buy rating on the shares. The company missed Q2 estimates across the board as inventory normalization remains a headwind, mainly in the Industrial and Automotive segment, the analyst tells investors in a research note. Needham adds however that the weakness is not market share related but rather that Lattice Semiconductor is cycling into the downturn later than peers and the extent of the inventory overhang is likely larger than previously expected.