Jefferies Lowers HLIT PT To $6.50

Jefferies has issued a report lowering the Price Target on Harmonic HLIT from $8.50 to $6.50 a share. According to the report, "Harmonic reported weak Q2 results and gave disappointing guidance chiefly as a result of slowing Encoding sales to domestic operators. We still believe that Harmonic is positioned to benefit as video is delivered from new sources in new formats to new endpoints. That said, we're inclined to wait till we feel more confident that new lowered expectations can be exceeded before recommending Harmonic shares." HLIT has a Hold Rating and closed at $6.46 a share yesterday.