---
title: "Barclays downgraded three semiconductor stocks including Lumentum ahead of earnings season, and upgraded KLA to \"overweight.\""
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/261966848.md"
description: "Barclays adjusted the ratings of several semiconductor companies before the earnings season, downgrading Lumentum, Astera Labs, and Marvell Technology from \"Overweight\" to \"Hold\" due to their attractiveness declining compared to other AI-related companies. At the same time, Barclays is optimistic about the investment value of KLA, Coherent, and MACOM. Analysts pointed out that Lumentum's risk-reward profile is no longer advantageous, Astera Labs faces the risk of insufficient market penetration, and Marvell Technology's business performance is below expectations"
datetime: "2025-10-21T02:12:02.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/261966848.md)
  - [en](https://longbridge.com/en/news/261966848.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/261966848.md)
---

# Barclays downgraded three semiconductor stocks including Lumentum ahead of earnings season, and upgraded KLA to "overweight."

According to the Zhitong Finance APP, on the eve of the earnings season, Barclays Bank made significant adjustments to the ratings of several semiconductor-related companies. The institution downgraded the ratings of Lumentum (LITE.US), Astera Labs (ALAB.US), and Marvell Technology (MRVL.US) from "Overweight" to "Hold," with the core logic being that the attractiveness of these three companies has declined compared to other stocks that have entered the AI sector. Barclays specifically pointed out that it is more optimistic about the investment value of KLA (KLAC.US), Coherent (COHR.US), and MACOM Technology Solutions (MTSI.US).

Specifically, before this round of rating adjustments, Lumentum's stock price had risen 60% over the past three months, far exceeding the 5% increase of the S&P 500 index during the same period. Analyst Tom O'Malley emphasized in a client report: "We do not continue to view Lumentum positively at this time, as its risk-reward profile no longer has a clear advantage compared to its peers. Although there is potential upside from EML capacity expansion and customers in optical transceivers, the upside potential from these growth catalysts is relatively limited given the elevated valuation thresholds."

The downgrade of Astera Labs' rating is due to insufficient market penetration of its UALink product—aside from the Amazon Trainium 3 project, this product has not established a significant advantage in the broader Ethernet, ESUN, and SUE-T product systems, while the industry is migrating towards Ethernet, ESUN, and SUE-T solutions, putting UALink at risk of being marginalized. The downgrade of Marvell Technology's rating is attributed to its application-specific integrated circuit business performing weaker than initially expected, while its data center business faces additional market risks.

It is worth noting that Barclays' adjustment is not a comprehensive bearish outlook on the semiconductor sector. The institution simultaneously upgraded the stock rating of semiconductor equipment leader KLA (KLAC.US) to "Overweight," stating: "We are optimistic about the long-term prospects of enhanced process control strength and KLA's business layout in leading areas of the industry. With relatively low revenue growth thresholds in markets outside of China, the company is expected to enter a strong growth cycle in the future."

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