SemiLEDs Punished By Downgrade

SemiLEDs (LEDS), the maker of LED chips and components, is suffering at the hands of an analyst downgrade, plunging by 5% after Canaccord pared its rating on the stock to “hold” from “buy,” citing a lack of visibility, increased competition and oversupply of LED chips on a global basis. The research firm also lowered its price target on SemiLEDs to $11 from $15. That’s barely above where the shares currently trade.