Barclays analyst Tom O’Malley downgraded SiTime to Underweight from Equal Weight with an unchanged price target of $90. The firm says SiTime is one of the more expensive names in its coverage with estimates likely still too high for 2025. Barclays agrees that a recovery from the pandemic correction is underway, but struggles to see how the stock’s valuation at these levels “makes sense.” SiTime has admitted to broadening its sales pipeline to more multi-sourced opportunities, which will pressure gross margins into next year, the analyst tells investors in a research note. The firm views SiTime as a “good company with an unrealistic valuation profile and all the goodness of a robust recovery baked into CY25 already.”