UBS Downgrades Shares Of Sigma Designs, Cuts Target Price

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on July 13 2012 11:59 AM

UBS AG downgraded the shares of Sigma Designs Incorporated (Nasdaq: SIGM) from a Neutral rating to a Sell rating on soft consumer trends and increasing competition in the digital TV chipset market and cut its target price.

UBS said it expects declining demand and increasing competition to limit revenue growth and lead to further cash burn for the foreseeable future. The target price was lowered from $5.50 to $5.

Shares of the Milpitas, Calif.-based company fell 13 cents, or 2.1 percent, to $6.22 in midday trading.

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