Anadigics: Sell-Off Overdone, Says Needham, as It Cuts Price Target From $14 to $6

Talk about the horse and the barn door.

Amid a 38-percent plunge in shares of chipmaker Anadigics (ANAD) following a gloomy pre-announcement last night, analyst Pierre MacCagno of Needham & Company today reiterated his “strong buy” rating on the stock while cutting his price target from $14 to $6. Thanks for the heads-up.

To recap, Anadigics yesterday announced that for its current third fiscal quarter, cellphone makers have shown less demand for its chips, and the company is putting off some chip production, leading it to revise its revenue expectation from a range of $75 million to $81 million, given back on July 22, to $62 million to $65 million. Ouch!

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