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Advanced Energy coverage transferred at Needham

Needham transferred coverage of Advanced Energy to analyst James Ricchiuti, who rates the stock at Hold with no price target. The company’s management continues to strike a confident tone regarding its diversification strategy, which has resulted in only modest revenue declines despite the cyclical downturn in the company’s semiconductor business, the analyst tells investors in a research note. Needham adds however that given the potential for a tepid recovery in the semi business over the next several quarters, it prefers to look for a more favorable entry point or more clarity on the 2024 outlook before turning more constructive.

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