UPDATE: J.P. Morgan Downgrades Entropic Communications to Neutral

J.P. Morgan is out with its report today on Entropic Communications ENTR, downgrading ENTR from Overweight to Neutral. In its report, J.P. Morgan writes, "We are downgrading ENTR to Neutral from Overweight. Although the management team has done a solid job on driving premium gross and operating margin profitability and maintaining its market and technology leadership in the MoCA broadband semiconductor market, macroeconomic concerns are causing slower up-take of advanced pay-TV services in the US (ENTR's primary market) and driving lower demand for the semiconductor solutions that go into advanced set-top boxes." J.P. Morgan lowers its PT on ENTR from $13.50 to $8. At the time of posting, shares of ENTR were trading pre-market at $4.80, down 28.14% from Wednesday's close.