UPDATE: Topeka Capital Markets Downgrades Volterra Semiconductor Following Maxim Acquisition Announcement

In a report published Friday, Topeka Capital Markets analyst Suji De Silva downgraded Volterra Semiconductor (NASDAQ: VLTR) from Buy to Hold, but raised the price target from $19.00 to $23.00.

In the report, Topeka Capital Markets noted, “We are downgrading VLTR on the announcement of their acquisition by Maxim (MXIM-$27.76:NR). We believe the acquisition will close by the end of October barring any complications from stockholders, regulators or other closing conditions. We are raising our price target from $19 to $23 and downgrading VLTR from Buy to Hold.”

Volterra Semiconductor closed on Thursday at $22.91.