Intersil Shares Tumble After 'Sell' Rating

NEW YORK (AP) — Shares of chip maker Intersil Corp. took a hit Wednesday after a Citi Investment Research analyst initiated coverage of the stock with a "Sell" rating.

The analyst, Terence Whalen, set an $11 price target for shares. He told clients in a note Tuesday that Intersil is overly exposed to the market for computer power management chips, an area he says has seen intensifying competition.

Whalen projected a 37 percent drop in revenue for 2009 year-over-year. Longer term, he projected revenue growth of 8 percent between 2009 and 2014, down from 9 percent growth between 2003 and 2008. ...