Harmonic revised 2023 revenues to $620 million-$660 million (vs. consensus: $723.18 million) and adjusted EPS to $0.38-$0.52 (consensus: $0.69). 

Raymond James reduced the price target to $15 from $17 at an Outperform rating.

At a Buy rating, Rosenblatt decreased the price target to $18 from $22, and Needham cut it to $18 from $21.

Needham analyst Ryan Koontz lowered the estimate for revenue and EPS to $653.2 million (from $735.5 million) and $0.48 (from $0.72) for 2023 and $803.1 million (from $911.4 million) and $0.87 (from $1.10) for 2024. 

Barclays lowered the price target to $20 from $23 at an Overweight rating. 

Price Action: HLIT shares are down 21.9% at $11.65 on the last check Tuesday.