Vicor price target lowered to $65 from $80 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on Vicor (VICR) to $65 from $80 and keeps a Buy rating on the shares. The firm notes that a quarter ago, it upgraded the stock based on the new AI-based design win, which everyone assumed was Nvidia (NVDA), and did so as a sign of long-term competitive differentiation. Now it seems that this design is in limbo or outright gone, which makes Vicor look like it doesn’t know what’s going on. Criag-Hallum thinks most investors will conclude 2024 is a financial transition year, and thus the stock will be under pressure on Wednesday.