Craig-Hallum downgrades Vicor with Nvidia turning to others

Craig-Hallum analyst Richard Shannon downgraded Vicor (VICR) to Hold from Buy with a price target of $45, down from $70. A combination of manufacturing transition delays and desire for multi-sourcing appear to have led Nvidia (NVDA) to use something other than Vicor, the analyst tells investors in a research note. While mid-stream upgrades may help at some point, investors should not count on that until it happens, the firm contends. It continues to believe Vicor has the best technology for high power applications, but says that "doesn’t apparently always lead to business success." Hallim says that with no visibility into growth until auto ramps next year and the 3nm generation in late 2024, its 2024 earnings outlook for Vicor cannot support a positive view on the stock.