Diodes price target lowered to $72 from $93 at Truist

Truist lowered the firm’s price target on Diodes to $72 from $93 but keeps a Buy rating on the shares. The company’s Q3 results were “bad” and its Q4 outlook was “terrible” but its revenues have been fading growth for a while and channel inventory has been high, the analyst tells investors in a research note. The firm adds however that despite the current poor performance, the reason to buy Diodes isn’t just the cycle bottom but also the longer-term above-industry growth and margin expansion.