MagnaChip price target lowered to $6 from $8 at Roth MKM

Roth MKM lowered the firm’s price target on MagnaChip (MX) to $6 from $8 and keeps a Buy rating on the shares. MagnaChip announced plans to restructure to a pure-play power semiconductor company going forward and provided guidance and long-term operating targets accordingly, the analyst tells investors in a research note. The firm is are “encouraged” by the move and expects steadier growth with potential for improved margins in the power semiconductor business.