Citi analyst Atif Malik lowered the firm’s price target on Advanced Energy to $107 from $134 and keeps a Buy rating on the shares. The company reported September quarter revenue slightly below the midpoint of guidance due to softened Industrial and Medical demand late in the quarter, but beat on earnings helped by lower tax rate and spending, the analyst tells investors in a research note. The firm says the datacenter market is still in cyclical weakness but is expected to recover mid-2024.
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