Vicor cut to Hold at Needham after ‘underwhelming’ bookings and backlog

Needham analyst N. Quinn Bolton downgraded Vicor (VICR) to Hold from Buy and removed the firm’s prior price target. The company’s Q3 results and Q4 guidance were in-line, but its bookings and backlog were underwhelming while the management’s tone on the AI platform win announced last quarter appeared “more cautious”, the analyst tells investors in a research note. Vicor also confirmed that Google (GOOGL) is moving to a two-stage power delivery architecture on its motherboards, and the firm believes that Delta has displaced Vicor’s NBM’s on a significant percentage of this business, the firm added.