UPDATE: Piper Jaffray Lowers PT on Rubicon Technology to $15

Piper Jaffray is out with its report today on Rubicon Technology RBCN, lowering its PT from $25 to $15. In its report, Piper Jaffray writes, "We lower our price target on RBCN to $15 (previously $25) as we are concerned about eroding fundamentals due to lower sapphire pricing and increasing competition. RBCN turned in a mixed 2Q11 with revenue of $43m, in-line with consensus, and EPS of $0.41. EPS was impacted by a one-time tax accrual charge, with pro forma EPS at $0.59 by Company estimates, slightly below consensus of $0.60." Piper Jaffray maintains Neutral on RBCN. Shares of RBCN closed Thursday at $12.80, down 6.91% from Wednesday's close.