Silicon Labs upgraded to Equal Weight at Barclays with ‘bottom in’

Barclays upgraded Silicon Labs to Equal Weight from Underweight with a price target of $80, down from $100. Guidance for Q4 is down 58% quarter-over-quarter and the “substantial reset clearly puts a bottom in,” the analyst argues. While there will be some lingering debates, the firm sees this as “purely cyclical” and expects an eventual return to long-term growth in IoT, the analyst added.