UPDATE: Stifel Nicolaus Downgrades Ixia Following Preliminary 2Q13 Results

In a report published Tuesday, Stifel Nicolaus analyst Patrick Newton downgraded the rating on Ixia (NASDAQ: XXIA) from Buy to Hold, and removed the $21.00 price target.

In the report, Stifel Nicolaus noted, “On July 8th after the market close, XXIA announced preliminary 2Q13 results. The company now expects revenue of approximately $114.0 - $116.0 million compared to prior guidance for revenue to be in a range of $119.0 million - $122.0 million, our estimate of $119.0 million, and consensus of $120.1 million. The company cited lower than anticipated revenue from network equipment manufacturers (NEMs), delayed expenditures from certain service providers, and large order pushouts as the driver of the revenue shortfall.”

Ixia closed on Monday at $17.74.