Barclays analysts downgraded Harmonic (NASDAQ:HLIT) from Overweight to Equalweight, lowering the price target to $14 from $17 on the stock. The decision comes amid growing concerns over a projected 2025 slowdown in the company’s broadband segment, driven by supply chain challenges and customer reassessments of deployment strategies. Harmonic recently highlighted a deceleration in broadband growth due to amplifier supply constraints and delays in customer rollout plans for its Unified 4.0 platform. While Unified 4.0 presents a long-term opportunity by expanding technology capabilities and increasing spending potential, the benefits are expected to materialize gradually over quarters rather than in the near term. The company’s new partnership with Sercomm to diversify amplifier supply is a positive step, but its impact will also take time to unfold. Customer concentration remains a key concern, particularly as the slowdown is tied to one of Harmonic's top two cable clients. The broader cable market continues to face visibility challenges, leaving the extent and duration of the broadband slowdown uncertain. Despite these headwinds, the analysts mentioned that Harmonic retains a competitive edge in next-generation cable solutions, positioning it to gain market share over time.