Oppenheimer analyst Christopher Glynn downgraded Littelfuse to Perform from Outperform in order to reflect continued volume pressures and bias to more moderate view of normalization of revenue run rates following its Q3 results. In a research note to investors, Glynn says that he is taking a somewhat cautious approach to top-line growth ramifications as volumes approach normalization, given that prior peak run rates clearly exceeded demand in the rush for inventory. He thinks it is "early" to expect Electronics OM improvement in 2020, with footprint consolidation benefits a 2021 timeline and price erosion back to the historical 4%-6% range.