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

in News on August 8, 2008 at 3:14 pm PT

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.