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JPMorgan downgrades PMC-Sierra (PMCS -10.2%) to Neutral following a mixed Q3 report, criticizing...

JPMorgan downgrades PMC-Sierra (PMCS -10.2%) to Neutral following a mixed Q3 report, criticizing PMC’s inability to drive faster growth: New product areas "have yet to generate meaningful revenues. Moreover, Q4 guidance suggests 20% turns business (normal turns rate) in a tough demand environment, which suggests that Q4 guidance may not be conservative enough."

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