Silicon Labs price target lowered to $130 from $180 at KeyBanc

KeyBanc lowered the firm’s price target on Silicon Labs to $130 from $180 and keeps an Overweight rating on the shares. The firm notes the company posted Q3 results which were largely in line, while Q4 guidance was shockingly well below expectations with revenues missing by almost 60%. Lowered guidance was attributed to a significant slowdown in the industrial end markets in conjunction with excess customer inventories, which are estimated to be one quarter’s worth. KeyBanc views the correction as short term and views long-term secular growth opportunities as being intact.