Harmonic downgraded to Equal Weight from Overweight at Barclays

Barclays downgraded Harmonic (HLIT) to Equal Weight from Overweight with a price target of $14, down from $17. The firm cites expected “depressed” broadband growth this year for the business, limited visibility within the cable end market, and customer concentration concerns for the downgrade. The broadband slowdown, driven by amplifier supply and customers reassessing deployment plans, is expected to weigh on the broadband business in 2025, the analyst tells investors in a research note. However, Barclays continues to believe Harmonic is in a better position in next-generation cable solutions versus peers and expects the company to continue market share gains over time.