Silicon Labs price target lowered to $97 from $123 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Silicon Labs (SLAB) to $97 from $123 and keeps an Equal Weight rating on the shares. The recovery from the Q4 of 2023 lows has been “strong, but has fallen short of our earlier expectations,” the analyst tells investors. With a strong product pipeline, the firm anticipates recovery next year, but the stock remains expensive given earnings headwinds, the analyst added.