Valens Semiconductor: Downgrade To Sell On Lackluster Q1 Earnings

I downgrade Valens to a sell, as the recent rally doesn't have much fundamental support. Q1 results showed stagnant revenues, a declining CIB segment, and persistent operating losses, with little evidence of a near-term turnaround. Guidance for Q2 implies only modest sequential improvement, while analysts expect ongoing losses through at least 2028.