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Freescale (FSL -4.2%) slumps after UBS starts coverage with a Hold and $11.75 PT. The firm sees "few near-term catalysts," and considers the maker of analog chips and microcontrollers in the midst of a "multi-year turnaround." UBS likes the recent hiring of Texas Instruments exec Gregg Lowe as CEO, but thinks his impact won't be felt for 1-3 years. Goldman upgraded Freescale earlier this month as part of a bullish call on chip stocks.
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