Barclays upgrades Lumentum, cuts Allegro, Penguin before chip earnings
July 20, 2026 · High impact · Updated Jul 21, 2026
Barclays has adjusted its ratings on several semiconductor stocks ahead of the Q2 earnings season, upgrading Lumentum Holdings while downgrading Allegro MicroSystems and Penguin Solutions. This selective approach is attributed to significant gains in AI-related stocks, suggesting limited further upside for many companies in the sector.
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