From Standard & Poor's Equity Research

CIBC World downgraded Zoran (ZRAN) to sector perform from sector outperform, after the company posted quarterly results.

Analyst Rick Schafer says the company posted upside second quarter revenue results ($122 million vs. $120 million), but cut its third quarter outlook to $130 million to $134 million vs. the $138 million consensus. He lowers his $1.20 2006 earnings per share (EPS) estimate to $1.18 and his $1.35 2007 EPS estimate to $1.15.

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