UPDATE: Benchmark Downgrades MACOM Technology Solutions (MTSI) to Hold

Benchmark analyst David Williams downgraded MACOM Technology Solutions (NASDAQ: MTSI) from Buy to Hold.

The analyst comments "Benefitting from the diversification of its product portfolio and customer mix, Macom’s F4Q results and outlook were ahead of expectations. While the broadbased macro softening is showing up in the order book, we believe MACOM’s strategic product positioning with few competitors, minimal exposure to the highly sensitive consumer end market, and strong underlying secular trends will continue to provide revenue stability through the cycle. New products are gaining strong momentum and with a healthy cadence of new introductions in the pipeline, we expect the revenue trajectory to remain linear, steepening as new product cycles ramp. Overall, we think Macom is substantially better positioned than peers entering a softer macro environment and should outperform less diversified competitors. However, shares have reached our PT and we believe reflect an appropriate premium multiple and therefore reduce our rating to Hold."

For an analyst ratings summary and ratings history on MACOM Technology Solutions click here. For more ratings news on MACOM Technology Solutions click here.

Shares of MACOM Technology Solutions closed at $64.59 yesterday.

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