Craig-Hallum upgrades Macom to Buy on inventory cycle, Wolfspeed acquisition

As previously reported, Craig-Hallum upgraded Macom (MTSI) to Buy from Hold with a price target of $110, up from $85. The firm cites the inventory cycle that is close to over, and investors willing to discount further out than they had thought a month ago. Further, Craig-Hallum points out that the Wolfspeed (WOLF) biz acquisition announced last month looks quite attractive from a long-term accretion perspective and seems highly likely to close within a couple quarters.