Wells Fargo downgrades MaxLinear to Equal Weight, lowers price target to $25

As previously reported, Wells Fargo downgraded MaxLinear (MXL) to Equal Weight from Overweight with a price target of $25, down from $35. As part of the firm’s 2024 chip outlook, Wells is reshuffling some of its ratings. Its more conservative stance reflects a conservative view on the BB cable market upcoming arbitration with Silicon Motion (SIMO).