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Fly News Breaks for February 13, 2019
INTC, AQ
Feb 13, 2019 | 08:26 EDT
As previously reported, Raymond James analyst Chris Caso downgraded Aquantia (AQ) to Market Perform after its Q4 earnings miss and a "significant" cut to its 2019 expectations. The analyst notes that he is typically reluctant to make rating changes after earnings, but sees the latest reported quarter as "thesis changing", citing the most serious weakness coming from the company's largest customer - Intel (INTC). Caso adds that Aquantia's revenue is expected to fall "sharply due to a combination of excess inventory" and a market opportunity that is "much lower than expected."
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