As previously reported, Needham analyst Y. Edwin Mok downgraded Advanced Energy to Hold from Buy following the stock's 25% appreciation year to date. The analyst continues to see the company as "well positioned" to benefit from the increased etch and deposition processes around technology inflections, but he believes the recent rally already discounts the earnings upside. In the industrial segment, Advanced Energy showed little growth in the last 7 quarters and will need to acquire businesses to bolster the segment, the analyst tells investors in a research note.