UPDATE: Jefferies Downgrades NetLogic Microsystems To Hold

According to Jefferies, NetLogic Microsystems NETL is downgraded to Hold. Jefferies said that following Broadcom's announcement of its acquisition of Netlogic at $50 per share, we are nudging up our NETL PT to $50 (from $49), and moving to a Hold rating (from Buy). “We continue to have a positive view of Netlogic's business fundamentals.” NetLogic Microsystems closed yesterday at $48.12.