UPDATE: Lazard Capital Lowers PT on Supertex to $25

Lazard Capital is out with its report today on Supertex (NASDAQ: SUPX), lowering its PT from $28 to $25.

In a note to clients, Lazard Capital writes, "Despite the recent performance, we recommend SUPX for deep value small cap investors for the following reasons: 1) the remainder of the buyback in place represents 16% of the remaining outstanding shares (2M shares); 2) an attractive valuation of less than 2x cash; 3) FCF positive; 4) new product introduction in nearly all of its segments; and 5) potential growth in FY12. While the company has underperformed we believe that at these levels the risk-reward is somewhat compelling with limited downside risk. Our new $25 PT equates to 13x our new FY13E EPS, excluding cash of $13/share."

At the time of posting, shares of SUPX were trading at $20.95, down 3.32% from Tuesday's close.