Craig-Hallum analyst Anthony Stoss highlights a beat and raise quarter from Apple (AAPL) should bode well for his Apple supplier stocks. The analyst believes the wearable growth is providing meaningful growth to his semi suppliers like Knowles (KN) and Adesto Technologies (IOTS) that have Airpods content as Airpods sales have been stellar and the new Airpods Pro are also selling well. Stoss also sees positive near-term signals for his iPhone suppliers given the better demand which is likely bolstering iPhone supplier revenues for the March quarter. He rates Broadcom (AVGO), Skyworks, Adesto Technologies (IOTS), Qorvo (QRVO), STMicroelectronics (STM), Knowles and ON Semiconductor (ON) as Buys and Synaptics (SYNA) and Cirrus Logic (CRUS) as Holds.

The company said, "We will now drive the Company based on a revised plan for FY24 revenues in the range of $14 billion to $15 billion. Within this plan, we expect a gross margin in the low 40's. We plan to maintain our Net Capex1 plan for FY24 at about $2.5 billion focusing on our strategic manufacturing initiatives."

Reports Q1 revenue $3.47B, consensus $3.61B. Jean-Marc Chery, ST President & CEO, commented: "Q1 net revenues and gross margin both came in below the midpoint of our business outlook range, driven by lower revenues in Automotive and Industrial, partially offset by higher revenues in Personal Electronics."

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.

Apple saw sales of its iPhones fall 19.1% in the first three months of the year, CNBC's Ryan Browne reports, citing data from Counterpoint Research. Meanwhile, Huawei saw a 69.7% surge in smartphone sales in the country during the same period, Counterpoint said. Reference Link

Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGSAudioEye (AEYE) up... To see the rest of the story go to thefly.com. See Story Here

Wells Fargo lowered the firm's price target on On Semiconductor (ON) to $95 from $110 and keeps an Overweight rating on the shares ahead of quarterly results. The firm anticipates On to deliver a Q2 guide slightly below expectations as it adjusts to Tesla-specific (TSLA) production softness specific to image sensor and SiC sales.

Berenberg upgraded STMicroelectronics to Buy from Hold with a price target of EUR 49, down from EUR 53. The semiconductors market us "not too far from recovery," the analyst tells investors in a research note. The firm says the negative industry end market trend is now priced into shares and concerns about Chinese auto semiconductor localization are overdone. Also, auto semi content growth should continue, driven by vehicle digitization, contends Berenberg.