Citing disappointing iPhone 6s sell-through, rising inventories and lowered Q4 component orders, Pacific Crest trimmed its estimates on Analog Devices (ADI), ARM Holdings (ARMH), Avago (AVGO), InvenSense (INVN), Qorvo (QRVO), Skyworks (SWKS), and Synaptics (SYNA). The firm cut its price target on Avago to $170 from $180, on Skyworks to $100 from $110, on Analog Devices to $70 from $72, and on ARM Holdings to $63 from $64. It expects the stocks to remain range-bound in the near-term, but is upbeat on the longer term outlook for ARM Holdings, Avago and Skyworks and recommends buying those names on "any meaningful pullbacks."

BofA raised the firm's price target on Texas Instruments (TXN) to $190 from $175 and keeps a Neutral rating on the shares. TI's small Q1 beat and inline but sequentially rising Q2 sales guidance, "while modest, potentially marks a recovery inflection in industrial chip demand," with positive read-across for U.S. peers such as Analog Devices (ADI), Microchip (MCHP), NXP Semiconductors (NXPI) and On Semiconductor (ON), the analyst tells investors. However, despite an expected recovery, TI's sustained high capex intensity could keep reported calendar year 2024-26 pro-forma EPS below $6 per share, the analyst added.

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