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that it thought the company would be a beneficiary of the work from home environment but recent checks show a "slowdown" in the PC market.
"We upgraded the stock from Sell to Neutral on 3/24, as we believed the company would be an outsized beneficiary of WFH through its exposure to the PC and server end-markets. With our recent industry checks indicating a slowdown in PC builds in 2H20 and continued share loss for Intel in the client and server CPU markets, we reduce our 2021/2022 earnings estimates to below Street levels and return to a more cautious investment stance.Imperial downgraded the stock mainly on valuation.
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