As previously reported, Raymond James upgraded Advanced Energy to Outperform from Market Perform and established a $73 price target. Analyst Pavel Molchanov said Advanced Energy's 9% free cash flow yield has turned the shares into an appealing deep value story, despite slowing organic growth. Molchanov said the company's growth rate will slow to 4% in 2019 from 19% in 2018, due to softness in the semi cap growth. The analyst said the industrial segment has improved "noticeably" and management's push to diversify through M&A into a larger, broader footprint in specialty industrial verticals is coming to fruition. Further, Molchanov said the company has ample room for share buybacks and M&A, and senses management has a greater willingness to consider initiating a modest dividend, making shares accessible to funds that require at lease some yield to establish a position.