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MXIM

Maxim Integrated

$45.45

0.86 (1.93%)

, TXN

Texas Instruments

$80.76

1.39 (1.75%)

13:22
04/21/17
04/21
13:22
04/21/17
13:22

Maxim falls after automotive growth stalls, peers follow lower

Shares of semiconductor companies that make automotive chips are underperforming the broader market and the sector this afternoon after Maxim (MXIM) suggested a slowdown in automotive may be on the horizon, despite reporting third quarter earnings yesterday that came in ahead of expectations. Earlier today, Evercore ISI downgraded shares of Maxim. EARNINGS BEAT: For the quarter, Maxim reported earnings per share excluding items of 56c on revenue of $581.22M, beating analysts' estimates of 53c and $575.73M, respectively. EPS for the current quarter were forecast at 59c-65c on revenue of $590M-$630M. Prior to the earnings report, analysts expected Q4 EPS of 58c on revenue of $597.8M. FEARS OF AUTOMOTIVE SLOWDOWN: The importance of Maxim's automotive sector to investors was made most evident during the Q&A part of the chipmaker's quarterly earnings call when BMO Capital Markets analyst Ambrish Srivastava said, "To my knowledge, first time, at least I'm hearing, a company talk about a slowdown which has been feared by investors and everybody for a while." Maxim's growth in automotive has been on a torrid pace over the last few years and now accounts for 21% of total revenue. Bruce Kiddo, Maxon's CFO, noted at the start of the call that automotive was a significant driver in the firm's Q3 overall revenue growth. The company supplies a wide variety of automotive qualified ICs with a focus on power management, RF products, keyless access and high speed serial links. Growth has been exponential in the segment due to activity around conceptualizing the car of the future as well as strong auto sales over the last few years. The company makes technology for serial link products serving infotainment and driver assistance applications. Talk of "peak auto" and U.S sales plateauing may becoming a reality. Additionally, the much relied upon China sales appear to have hit a wall, as the country's rollback of a tax discount for small-engine cars slowed demand. Growth in China auto sales fell of a cliff in March growing just 1.7% a visible slowdown from the 6.3% growth in the first two month of the year. Since its last earnings report in late January, shares were up over 8% going into the Q3 earnings report. MAXIM SEES FLAT Q4 AUTOMOTIVE: During the call, President and CEO Tunc Doluca attributed the sluggish Q4 automotive outlook to difficult comparisons, especially to the most recent Q3 data. Doluca also pointed out that changes in government incentives for electric vehicles in China are having an impact on battery management product demand, and most alarmingly, the CEO confirmed signs of a weaker auto market in the U.S. "As a result, we expect our June quarter Automotive business to be sequentially flat from a very strong March quarter, and strongly up from the same quarter last year," Doluca said. EVERCORE ISI MOVES TO SIDELINES: Evercore ISI analyst C.J. Muse downgraded Maxim Integrated to In Line from Outperform, saying the diversification/margin story is largely complete and shares are near his $46 price target. Muse sees modest headwinds ahead including slowing China BMS business and lack of Apple exposure in 2H and recommends moving to the sidelines. "Now this is not a negative call on Automotive - we think 1HCY17 revenues tracking +20% Y/Y is not something to be terribly worried about," the analyst added. LOOP CAPITAL DEFENDS: Earlier today, Loop Capital analyst Betsy Van Hees attributed the after-hours weakness in Maxim Integrated shares despite the company's strong Q3 report and Q4 guidance to concerns over auto market commentary that may have been misinterpreted. After following up with management, she confirmed they were not making a broad sector call and she views concerns over a flat sequential guide in automotive as "much ado about nothing." Van Hees reiterated her Buy rating and $51 price target on Maxim shares. PRICE ACTION: Shares of Maxim are down 4% to $43.63, weaker than the chip sector as measured by the Philadelphia semiconductor index, which is down just fractionally in afternoon trading. PEERS ALSO LOWER: Shares of other semiconductor makers that derive revenue from automotive are also being dragged down including Texas Instruments (TXN), Infineon Technologies (IFNNY), ON Semiconductor (ON), Analog Devices (ADI) and Diodes (DIOD).

MXIM

Maxim Integrated

$45.45

0.86 (1.93%)

TXN

Texas Instruments

$80.76

1.39 (1.75%)

IFNNY

Infineon

$19.87

0.39 (2.00%)

ON

ON Semiconductor

$14.83

0.33 (2.28%)

DIOD

Diodes

$23.93

0.6 (2.57%)

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MXIM Maxim Integrated
$45.45

0.86 (1.93%)

04/21/17
EVER
04/21/17
DOWNGRADE
Target $46
EVER
In Line
Maxim Integrated downgraded to In Line from Outperform at Evercore ISI
Evercore ISI analyst C.J. Muse downgraded Maxim Integrated saying the diversification/margin story is largely complete and shares are near his $46 price target. Muse sees modest headwinds ahead including slowing China BMS business and lack of Apple exposure in 2H and recommends moving to the sidelines.
04/21/17
LOOP
04/21/17
NO CHANGE
Target $51
LOOP
Buy
Maxim auto worries 'much ado about nothing,' says Loop Capital
Loop Capital analyst Betsy Van Hees attributes the after-hours weakness in Maxim Integrated shares despite the company's strong Q3 report and Q4 guidance to concerns over auto market commentary that may have been misinterpreted. After following up with management, she confirmed they were not making a broad sector call and she views concerns over a flat sequential guide in automotive as "much ado about nothing." Van Hees reiterates her Buy rating and $51 price target on Maxim shares.
04/13/17
LOOP
04/13/17
NO CHANGE
Target $51
LOOP
Buy
Loop Capital expects Maxim Integrated to beat Street Q3 estimates
Loop Capital analyst Betsy Van Hees expects Maxim Integrated (MXIM) to report Q3 results above Street estimates of 52c/$575M, and increased her earnings estimate to $54c on revenue of $585M. The analyst said an upbeat Silicon Valley Bus Tour and industry checks suggest healthy demand in the automotive, communications & data center, and industrial end markets will drive the strength. Van Hees expects tailwinds to continue in Q4 and reiterates her Buy rating and increased her price target to $51 from $50.
03/30/17
MACQ
03/30/17
INITIATION
Target $52
MACQ
Outperform
Maxim Integrated initiated with an Outperform at Macquarie
Macquarie analyst Srini Pajjuri initiated Maxim with an Outperform and a $52 price target.
TXN Texas Instruments
$80.76

1.39 (1.75%)

04/20/17
SBSH
04/20/17
NO CHANGE
SBSH
Citi says 'time to back up the minivan' and buy Semis
Citi analyst Christopher Danely says he could not disagree more with the worsening investor sentiment on Semiconductors. Recent channel checks indicate business conditions for most of the semiconductor sector are the best in years, particularly in the PC end market, Danely tells investors in a research note. He tells investors to "back up the minivan" and buy the stocks. The analyst favors Microchip (MCHP), Texas Instruments (TXN), ON Semiconductor (ON) and Micron (MU).
02/10/17
SBSH
02/10/17
NO CHANGE
SBSH
Neutral
Citi says Intel should be like Texas Instruments, not Amazon
After Intel (INTC) at yesterday's analyst day lowered its margin targets due to higher spending and growth from low-margin markets, Citi analyst Christopher Danely says the company is trying to be like Amazon.com (AMZN) but should be more like Texas Instruments (TXN). Intel's multiple will suffer if margins decline, Danely tells investors in a research note. He continues to believe the stock would benefit if Intel exited lower-margin growth markets such as wireless and memory. The analyst keeps a Neutral rating on the name.
02/22/17
RSBL
02/22/17
INITIATION
Target $90
RSBL
Buy
Texas Instruments initiated with a Buy at Rosenblatt
Rosenblatt analyst Hans Mosesmann initiated Texas Instruments with a Buy rating and $90 price target.
03/30/17
MACQ
03/30/17
INITIATION
Target $82
MACQ
Neutral
Texas Instruments initiated with a Neutral at Macquarie
Macquarie analyst Srini Pajjuri initiated Texas Instruments with a Neutral and a $82 price target.
IFNNY Infineon
$19.87

0.39 (2.00%)

03/14/17
NEED
03/14/17
DOWNGRADE
NEED
Hold
Mobileye downgraded to Hold from Buy at Needham
Needham analyst Rajvindra Gill downgraded Mobileye (MBLY) to Hold from Buy after Intel (INTC) announced its intention to acquire all of the former's outstanding ordinary shares for $63.54 per share. The analyst believes the deal clearly validates the ADAS and fully autonomous vehicle market, and views it as a positive read-through into the entire ADAS and automotive supply chain, namely ON Semiconductor (ON), Micron (MU), Cypress Semiconductor (CY), NXP Semiconductors (NXPI), NVIDIA (NVDA), Tower Semiconductor (TSEM), and Infineon (IFNNY).
02/09/17
ROTH
02/09/17
NO CHANGE
Target $34
ROTH
Buy
Cree should be bought on volatility, says Roth Capital
Roth Capital analyst Craig Irwin expects shares of Cree (CREE) to be near-term weak after the company announced CFIUS impediments for closing the sale of Wolfspeed to Infineon (IFNNY). The analyst believes that originally there were additional bidders for the Wolfspeed assets, albeit with lower final offers, allowing resumption of the sale process with an alternate. Irwin would be a buyer on volatility driven by short-term uncertainty. He reiterates a Buy rating and $34 price target on the shares.
02/09/17
JMPS
02/09/17
DOWNGRADE
JMPS
Market Perform
JMP downgrades Cree with U.S. unlikely to approve Wolfspeed sale
JMP Securities analyst Joseph Osha downgraded Cree (CREE) to Market Perform from Outperform after the Committee on Foreign Investment in the U.S. said it is unlikely to approve the company's sale of its Wolfspeed business. The analyst finds it wise to assume that the sale to Infineon (IFNNY) is not going to occur. The increased capital spending to support Wolfspeed lowers Osha's 2017 free cash estimate for Cree by 20%. He now views the stock as fairly valued. Cree in pre-market trading is down 5%, or $1.47, to $26.48.
12/06/16
SBSH
12/06/16
UPGRADE
SBSH
Buy
Infineon upgraded to Buy from Neutral at Citi
ON ON Semiconductor
$14.83

0.33 (2.28%)

04/11/17
04/11/17
DOWNGRADE
Target $13.5

Underperform
ON Semiconductor downgraded to Underperform from Outperform at Credit Suisse
Credit Suisse analyst John Pitzer downgraded ON Semiconductor to Underperform from Outperform saying that while Q1/Q2 earnings likely a positive catalyst, he sees higher quality assets at similar multiples with better risk/reward. The analyst notes that the stock is outperforming the broader group, and says he sees shares at least fully valued. Pitzer also lowered his price target on the shares to $13.50 from $17.50.
04/11/17
FBCO
04/11/17
DOWNGRADE
FBCO
Underperform
ON Semiconductor downgraded to Underperform from Outperform at Credit Suisse
DIOD Diodes
$23.93

0.6 (2.57%)

12/19/16
SMTR
12/19/16
DOWNGRADE
SMTR
Sell
Diodes downgraded to Sell from Hold at Summit Redstone

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