BofA analyst Vivek Arya downgraded Macom to Neutral from Buy with a $72 price target, citing “sluggish” telco capex, stretched valuation and “overstated” AI benefits. Overall for the group, the firm remains “lukewarm” on second half semis demand heading into earnings, excluding product cycle themes in cloud/AI and cars/EV, the analyst tells investors in a group preview note.
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