Silicon Labs price target lowered to $135 from $150 at Susquehanna

Susquehanna lowered the firm’s price target on Silicon Labs (SLAB) to $135 from $150 and keeps a Neutral rating on the shares. The firm said Silicon Labs reported in-line results and guidance as strength in Industrial offset lumpiness in customer programs. Importantly, gross margins were better and provided the bulk of 3Q profitability upside.