UPDATE: Benchmark Lowers PT on MIPS Technologies to $11

Benchmark is out with its report today on MIPS Technologies MIPS, lowering its PT from $15 to $11. In a note to clients, Benchmark writes, "MIPS Technologies should report 4Q11 (June) results after the market close on Thursday, August 4. Given that the company's shares are trading at only 12.0x forward EPS, net of cash, we believe investor expectations have become overly pessimistic. Therefore, we feel shares offer a favorable risk/reward profile, and accordingly, we reiterate our 'Buy' rating. To account for lower P/E multiples for the broader chip group, we are lowering our price target from $15.00 to $11.00." Shares of MIPS closed Thursday at $7.24, up 1.69% from Wednesday's close.