UPDATE: Wedbush Lowers Price Target On NetLogic Microsystems To $41

According to Wedbush, NetLogic Microsystems NETL price target is lowered to $41. Wedbush said that it came away from the investor meetings yesterday with CEO Ron Jankov with an increased level of confidence that NetLogic (NETL) is one of the better-positioned companies in our universe to outperform what could be a turbulent market environment over the next few quarters, driven by an uncertain macro and muted seasonality. “Reiterate OUTPERFORM rating; reduce PT to $41 from $45 on multiple compression. Our 12-month PT of $41 (from $45) is based upon about 21x (from 23x) our 2012 pro forma EPS estimate of $1.84 plus $2.91 of net cash per share.” NetLogic Microsystems closed yesterday at $30.47.