Pixelworks price target lowered to $1.50 from $3 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on Pixelworks to $1.50 from $3 and keeps a Buy rating on the shares. The firm notes Pixelworks is seeing further delays in the recovery of its Mobile processor business, as the combination of new product development and customer launch delays hurt the inflection. Craig-Hallum remains positive about the market need for the company’s mobile processors, as shown by the higher ASPs in new generations.