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* Moderate inventory correction in coming quarters -Gartner
* Inventories too high in slowing economic conditions
Sept 20 (Reuters) - Semiconductor inventories are at worryingly high levels given current economic conditions and the likelihood that consumer and business spending will be weaker than expected, research firm Gartner said on Tuesday.
Gartner said it expects the semiconductor industry to go through a moderate inventory correction during next few quarters with production and sell-through expected to return roughly to balance by the second quarter of 2012.
"Current levels are too high given the weakening economic sentiment, and the industry must rein in production growth and take action to reduce accumulated inventory," Gartner analyst Gerald Van Hoy said in a statement.
Several semiconductor firms have signaled a weak market, cutting their forecasts for the current quarter as an economic slowdown is stifling demand for products that use chips.
On Sept. 8 Texas Instruments said demand had weakened across "a wide range of products, markets and customers," but ruled out any inventory adjustments as a reason for slowing demand. (Reporting by Tarmo Virki in Helsinki; Editing by Helen Massy-Beresford)
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