UPDATE: Piper Jaffray Downgrades Nanometrics to Neutral

Piper Jaffray is out with its report today on Nanonmetrics NANO, downgrading NANO from Overweight to Neutral. In its report, Piper Jaffray writes, "We are moving from Overweight to Neutral and lowering our price target to $15. NANO reported an in-line quarter, but Q4 revenue is expected to be down 26% to 31% QoQ." At the time of posting, shares of NANO were trading pre-market at $15.50, down 17.73% from Thursday's close.