Extreme Networks downgraded to Neutral from Buy at UBS

UBS analyst David Vogt downgraded Extreme Networks to Neutral from Buy with a price target of $14, down from $22. The analyst says networking industry spend across campus and WLAN will decline sharper than expected for the balance of 2024. Given the order pressure over the next four quarters, Extreme’s run-rate revenue expectations need to be reset to, at best, $1.1B, the analyst tells investors in a research note.