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INTC

Intel

$37.29

-0.16 (-0.43%)

, CY

Cypress Semiconductor

$10.73

-0.09 (-0.83%)

10:27
10/18/16
10/18
10:27
10/18/16
10:27

Barclays upgrades Intel ahead of earnings on PC, server trends

Barclays upgraded Intel (INTC) to Overweight from Equal Weight and downgraded another chip maker, Cypress Semiconductor (CY), to Equal Weight, contending that Intel should benefit from improving PC trends, while Cypress's gross margin turnaround is taking longer than expected. INTEL: Intel should "return to sustainable growth," driven partly by improving PC trends and double digit percentage server growth, wrote Barclays analyst Blayne Curtis. Additionally, the company's diversification into new areas, including mobile, memory and the Internet of Things, should give it a boost, the analyst contended. Moreover, with one of the cheapest valuations of any large cap stock, Intel's valuation is "compelling," according to Curtis, who set a $45 price target on the shares. CYPRESS: Cypress' gross margins are taking more time than expected to rebound, and the company's acquisition of Broadcom's (AVGO) Internet of Things business increases its risk, Curtis warned. Noting that analysts expect the company's Q1 growth to surpass usual seasonal trends, Curtis believes that its results could miss expectations. He kept an $11 price target on the stock. WHAT'S NOTABLE: Intel is scheduled to report its Q3 results after the closing bell tonight, October 18, with a call scheduled for 5:00 pm ET. Cypress is expected to report Q3 earnings after the close on October 27. PRICE ACTION: In early trading, Intel rose 1.5% to $37.85 and Cypress Semi slid 0.6% to $10.67.

INTC

Intel

$37.29

-0.16 (-0.43%)

CY

Cypress Semiconductor

$10.73

-0.09 (-0.83%)

AVGO

Broadcom

$168.88

-1.21 (-0.71%)

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INTC Intel
$37.29

-0.16 (-0.43%)

10/18/16
LEHM
10/18/16
UPGRADE
Target $45
LEHM
Overweight
Intel upgraded to Overweight from Equal Weight at Barclays
Barclays analyst Blayne Curtis upgraded Intel (INTC) to Overweight citing better PC trends and a "compelling relative valuation." The company is positioned to return to "sustainable growth" amid better computer trends and double-digit server growth, Curtis tells investors in a research note. He raised his price target for Intel shares to $45 from $38. The chipmaker closed yesterday down 16c to $37.29. Curtis this morning also downgraded shares of Cypress Semiconductor (CY) to Equal Weight.
10/05/16
RBCM
10/05/16
NO CHANGE
RBCM
Micron report reads positively for Applied Materials, Lam, says RBC Capital
Following Micron's (MU) quarterly report and guidance, RBC Capital Amit Daryanani said he sees positive read-through from the report for Applied Materials (AMAT), Lam Research (LRCX), ASML (ASML), Western Digital (WDC) and Intel (INTC). Micron management expects capex spending of $4.8B-$5.2B for FY17, noted Daryanani, who believes continued 3D NAND spending will benefit Applied and Lam the most.
10/14/16
WELS
10/14/16
NO CHANGE
WELS
Intel results likely to be boosted by positive catalysts, says Wells Fargo
Wells Fargo thinks that Intel's (INTC) September quarter report and December quarter guidance will be boosted by several positive catalysts, including signs of improving PC demand, solid revenue momentum at its Data Center Group, and ramping sales of modems for Apple's (AAPL) iPhone 7. The firm keeps a $40-$50 price target on Intel and continues to identify it as a top pick.
10/06/16
COWN
10/06/16
NO CHANGE
Target $80
COWN
Outperform
Cowen says to buy KLA-Tencor following merger agreement termination
Cowen analyst Timothy Arcuri said the KLA-Tencor (KLAC) merger with Lam Research (LRCX) was called off as expected. He said it was consistent with his assessment and believes Intel (INTC) was the culprit. The companies cited review of options amid recent ant-trust agency feedback. Arcuri said he continues to like Lam Research but prefers KLA-Tencor as he sees it as one of the only semi companies with roughly 30% upside. Arcuri maintained his Outperform rating and $80 price target on KLA-Tencor shares.
CY Cypress Semiconductor
$10.73

-0.09 (-0.83%)

10/18/16
LEHM
10/18/16
DOWNGRADE
Target $11
LEHM
Equal Weight
Cypress Semiconductor downgraded to Equal Weight from Overweight at Barclays
Barclays analyst Blayne Curtis downgraded Cypress Semiconductor (CY) to Equal Weight saying the company's progress on margins is taking longer than expected. The analyst sees risk into the Q1 results and views Broadcom's (AVGO) Internet of Things push as adding additional risk. He keeps an $11 price target for the shares.
08/12/16
CHLM
08/12/16
NO CHANGE
CHLM
Buy
Cypress Semi's new CEO does not takeawy M&A potenential, says Craig-Hallum
Craig Hallum analyst Tony Stoss said Cypress Semiconductor shares were weak yesterday on the new CEO announcement of Hassane El-Khoury, an internal higher, on reduced buyout speculation. Stoss said El-Khoury is a solid manager and was the guy running "connected-car" and helped facilitate the purchase of Avago's IOT business and does not take away from the M&A potential.
08/31/16
ROTH
08/31/16
INITIATION
Target $13
ROTH
Buy
Cypress Semiconductor initiated with a Buy at Roth Capital
Roth Capital analyst Suji Desilva initiated Cypress Semiconductor with a Buy Rating and a $13 price target.
AVGO Broadcom
$168.88

-1.21 (-0.71%)

10/06/16
WELS
10/06/16
INITIATION
WELS
Market Perform
Broadcom initiated with a Market Perform at Wells Fargo
Wells Fargo analyst David Wong after the close yesterday started Broadcom with a Market Perform rating and $150-$180 price target range. The analyst questions whether an active acquisition strategy is sustainable for a company of Broadcom's size.
10/17/16
RBCM
10/17/16
NO CHANGE
RBCM
Most of Note impact on Broadcom could be offset, says RBC Capital
RBC Capital analyst Amit Daryanani says that most of the impact on Broadcom (AVGO) of the Samsung Note 7 recall will be offset if consumers returning the Note buy Apple's (AAPL) iPhone 7 devices. The analyst says that Broadcom has $1-$2 more content per device in the iPhones than in the Note, so he thinks that the recall could actually provide "a tailwind for Broadcom." The analyst keeps a $190 price target and Top Pick rating on the stock.
10/06/16
MZHO
10/06/16
NO CHANGE
MZHO
Buy
Broadcom deal for Xilinx would 'open up' if Qualcomm buys NXP, says Mizuho
Mizuho analyst Vijay Rakesh believes that if Qualcomm (QCOM) acquires NXP Semiconductors (NXPI), as several recent media reports indicate the companies are moving toward, that it "opens up" a deal for Xilinx (XLNX) as an opportunity for Broadcom (AVGO). Rakesh has a Buy rating on Broadcom.

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