SGH price target raised to $20 from $15 at Barclays

Barclays analyst Tom O’Malley raised the firm’s price target on SGH to $20 from $15 and keeps an Overweight rating on the shares. The stock should work on better IPS numbers but prolonged outperformance will likely hinge on how quickly the memory and LED businesses recover amongst a broader reset in both end markets, O’Malley tells investors in a research note. He continues to think SGH is making the right strategic choices but sees its legacy exposure weighing through 2023.