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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