Piper Jaffray started coverage on shares of Intersil (NASDAQ: ISIL) in a research report released on Monday morning, TheFlyOnTheWall.com reports. The firm issued an overweight rating and a $10.50 price objective on the stock.
“New management likely catalyst for ISIL shares. In our view, ISIL was poorly managed over the last 5 years. The lack of leadership is reflected in the share price, the decline in earnings and a number of unfortunate acquisitions. While a transformation will take time, a new CEO, Necip Sayiner, started on 3/14/13. We believe he will be a positive catalyst for change based on his track record at SLAB. A pragmatist, we believe he and his team will identify products, markets and opportunities that will stabilize revenue and profitability. Prior to his arrival, Intersil underwent a restructuring in Q1:13, reducing its workforce by 18% and lowering expenses by $28M.,” Piper Jaffray’s analyst commented.
Shares of Intersil (NASDAQ: ISIL) opened at 8.26 on Monday. Intersil has a 52 week low of $6.31 and a 52 week high of $10.97. The stock’s 50-day moving average is currently $8.3. The company’s market cap is $1.051 billion.
A number of other firms have also recently commented on ISIL. Analysts at TheStreet downgraded shares of Intersil from a hold rating to a sell rating in a research note to investors on Wednesday, May 1st. Separately, analysts at Credit Suisse cut their price target on shares of Intersil from $8.50 to $8.00 in a research note to investors on Thursday, April 25th. They now have a neutral rating on the stock. Finally, analysts at UBS AG cut their price target on shares of Intersil from $8.75 to $7.75 in a research note to investors on Thursday, April 25th. They now have a neutral rating on the stock.
Three research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $8.53.
Intersil Corporation designs, develops, manufactures and markets analog and mixed-signal integrated circuits (NASDAQ: ISIL).