Pixelworks price target lowered to $2 from $3 at Roth MKM

Roth MKM analyst Suji Desilva lowered the firm’s price target on Pixelworks to $2 from $3 but keeps a Buy rating on the shares. The company’s Q1 resutls were in-line with consensus but its Q2 outlook was a miss, reflecting moderation in ordering from the company’s lead mobile customer and diminished revenue expectations from the ramp of its newest product due to launch delays, the analyst tells investors in a research note. The firm adds however that it is anticipating a launch recovery of the company’s latest mobile processor in the next few quarters, coupled with an ordering recovery at the company’s lead customer.