UPDATE: Jefferies Lowers Price Target on Lattice Semiconductor to $6

According to Jefferies, Lattice Semiconductor LSCC price target is lowered to $6. Jefferies said that Lattice's Q3 revenue miss (by 60 bps) and weak Q4 guidance (-6.5% QoQ) were primarily driven by softness in worldwide communications infrastructure buildouts. “We believe Lattice is taking FPGA/PLD share from its 10x larger competitors Altera and Xilinx. We maintain our Hold Rating but could potentially become more constructive with higher visibility into operating leverage post restructuring and efficiency actions to be completed by Q4.” Lattice Semiconductor closed yesterday at $5.86.