Macom price target raised to $135 from $115 at Stifel

Stifel raised the firm’s price target on Macom to $135 from $115 and keeps a Buy rating on the shares. While the correction in the analog semiconductor industry is nearing its completion after 7 quarters, industry billings “remain stubbornly above the trendline” and pricing is on-track to increase 8% again in 2024, the analyst tells investors in a preview for the group. Even though several analog semiconductor companies have already found a bottom in their business during the current cycle, the slope of the recovery remains somewhat uncertain, especially due to a sluggish macro backdrop, the analyst added.