Harmonic price target lowered to $14 from $20 at Barclays

Barclays lowered the firm’s price target on Harmonic to $14 from $20 and keeps an Overweight rating on the shares post the Q3 report. Continued customer inventory digestion, pushouts, and overall macro environment were again the cause for a soft quarter, the analyst tells investors in a research note. The firm says the updated 2023 guidance forecasts a less aggressive Q4 rebound than implied last quarter, and the Video business is currently under strategic review earlier than expected.