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TSM

TSMC

$39.23

-2.7 (-6.44%)

, ENTG

Entegris

$34.60

-2.5 (-6.74%)

14:26
04/19/18
04/19
14:26
04/19/18
14:26

TSMC 'hiccup' should be considered transient, says Loop Capital

Loop Capital analyst Chris Kapsch said Taiwan Semiconductor's (TSM) below-consensus Q2 outlook and reduced full-year sales guidance is primarily due to near-term smartphone demand and seasonality, which should be considered transient. He still thinks bigger picture secular trends and drivers - including strong memory chip demand, as well as future growth tied to IoT, AI and 5G communications - remain in place. While TSMC's view for weaker than previously anticipated Q2 results increases risk for electronic chemical stocks Versum (VSM), Entegris (ENTG) and Cabot Micro (CCMP), Kapsch said he remains comfortable with his favorable views on Entegris and Cabot. He is more cautious on Versum, given more risk associated with the capital equipment cycle and his belief that its earnings growth may trail key peers. Kapsch keeps Buy ratings on Entegris and Cabot and a Hold rating on Versum.

TSM

TSMC

$39.23

-2.7 (-6.44%)

ENTG

Entegris

$34.60

-2.5 (-6.74%)

CCMP

Cabot Microelectronics

$105.63

-6.78 (-6.03%)

VSM

Versum Materials

$36.22

-1.785 (-4.70%)

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TSM TSMC
$39.23

-2.7 (-6.44%)

01/30/18
DADA
01/30/18
NO CHANGE
Target $100
DADA
Buy
Advanced Energy customers'' comments suggest strong Q4, sayst DA Davidson
DA Davidson analyst Thomas Diffely previews Advanced Energy's (AEIS) Q4 earnings expected out this week, saying that "bullish industry comments" from the company's largest customers - Applied Materials (AMAT) and Lam Research (LRCX) - suggest that the "record 2017" year had a strong finish and 2018 is shaping up even better. Diffely contends that the shipments guidance from Lam Research and the recent strong equipment orders from TSMC (TSM) all bode well for the core semiconductor business, keeping his Buy rating and $100 price target on Advanced Energy.
02/20/18
FBCO
02/20/18
UPGRADE
FBCO
Outperform
TSMC upgraded earlier to Outperform from Neutral at Credit Suisse
01/22/18
DADA
01/22/18
NO CHANGE
Target $235
DADA
Buy
Lam Research price target raised to $235 from $225 at DA Davidson
DA Davidson analyst Thomas Diffely raised his price target on Lam Research (LRCX) to $235 ahead of this week's Q2 earnings, saying the company should once again outperform the strong WFE spending levels as high performance computing in AI/big data, Internet of Things technologies, and China growth all make a contribution in the quarter. The analyst is especially bullish on the "monster Q3" after some "modest digestion" in Q1, citing strong equipment orders from TSMC (TSM) and much higher than expected guidance from Ichor Holdings (ICHR). Diffely keeps his Buy rating on Lam Research.
04/04/18
BERN
04/04/18
NO CHANGE
BERN
Market Perform
Narrowing gap between TSMC, Intel makes Apple's aspiration possible, says Bernstein
Bernstein analyst Mark Li believes that given Apple's (AAPL) experience in processor design, replacing Intel (INTC) processor with its own is possible. Further, the analyst says that the narrowing gap in process technology between TSMC (TSM) and Intel also makes Apple's aspiration possible, while Apple's vertical integration with OS and applications also puts it in a better position to challenge Intel. Li sees a downside to TSMC's 2019 revenue because of Bitcoin, but says it remains a "solid" company with balanced risk and reward. The analyst reiterates a Market-Perform rating on TSMC shares.
ENTG Entegris
$34.60

-2.5 (-6.74%)

03/21/18
CHLM
03/21/18
NO CHANGE
Target $42.5
CHLM
Buy
Entegris price target raised to $42.50 from $37 at Craig-Hallum
Craig-Hallum analyst Christian Schwab raised his price target for Entegris to $42.50 from $37, citing continued topline and EPS growth outlined at the company Analyst Day. The analyst reiterates a Buy rating on the shares.
03/22/18
NEED
03/22/18
NO CHANGE
Target $42
NEED
Buy
Entegris price target raised to $42 from $37 at Needham
Needham analyst Y. Edwin Mok raised his price target on Entegris to $42 after the company raised its 3-year EPS target to $2.50 or more at its Analyst Day meeting. Mok says Entegris pointed to above market growth rates, operating leverage, and effective capital allocation, giving him more confidence that the company has "expanding market opportunities" along with a "disciplined approach" toward value creation. The analyst also notes the company's broad product portfolio and diversified customer base supporting "consistent growth" over the long term, keeping his Buy rating on Entegris.
03/21/18
KEYB
03/21/18
NO CHANGE
Target $45
KEYB
Overweight
Entegris price target raised to $45 from $37 at KeyBanc
KeyBanc analyst Weston Twigg raised his price target for Entegris to $45 from $37 after the company hosted an analyst event, outlining its rationale for continued outperformance versus the industry as well as a path to over $2.50 EPS. The analyst reiterates an Overweight rating on the shares.
04/18/18
STFL
04/18/18
NO CHANGE
STFL
Lam reiteration of WFE view not a negative sign, says Stifel
Stifel analyst Patrick Ho acknowledged that Lam Research (LRCX) did not provide any significant "new" news related to 2018 wafer fab equipment spending and reiterated its previous guidance of low double-digit year-over-year growth with only a modest change in mix. However, this reiteration is not a negative sign on the current environment or 2018 as a whole, said Ho, who advises using any selloff in the group following Lam's report as a buying opportunity. He continues to prefer Applied Materials (AMAT) and MKS Instruments (MKSI) as his most preferred names in Semiconductor Capital Equipment, while also having Buy ratings on Lam Research and Entegris (ENTG).
CCMP Cabot Microelectronics
$105.63

-6.78 (-6.03%)

01/26/18
NEED
01/26/18
NO CHANGE
Target $120
NEED
Buy
Cabot Microelectronics price target raised to $120 from $110 at Needham
Needham analyst Y. Edwin Mok raised his price target on Cabot Microelectronics to $120 after Q1 earnings, citing sustained demand from advanced memory applications that was also reflected in Q2 guidance. Mok keeps his Buy rating on Cabot, saying the company is "the best consumables name leveraged to the production ramp of 3D NAND technology" with a solid balance sheet and strong cash flow generation.
09/28/17
LOOP
09/28/17
INITIATION
LOOP
Buy
Cabot Microelectronics initiated with a Buy at Loop Capital
Loop Capital analyst Chris Kapsch initiated Cabot Microelectronics with a Buy rating and $94 price target.
09/06/17
GHSC
09/06/17
INITIATION
Target $82
GHSC
Buy
Cabot Microelectronics initiated with a Buy at Seaport Global
Seaport Global analyst Michael Harrison initiated Cabot Microelectronics with a Buy and an $82 price target saying it is well positioned to capture growth in advanced applications of semiconductors across a wider range of applications. Harrison expects secular growth driven by automotive, industrial, and Internet of Things applications atop demand from traditional computing, storage, and mobile devices and believes Cabot is investing to capture additional growth in Pads, Tugsten, and Dielectrics. Additionally, the analyst said Cabot's balance sheet is strong and believes the company will pursue meaningful M&A or will return cash to shareholders.
06/27/17
06/27/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. EOG Resources (EOG) was upgraded to Overweight from Neutral by Atlantic Equities analyst Barry MacCarthy, who calls it one of the best placed E&P companies to manage at current oil prices given its peer-leading Permian performance and falling costs across many areas. 2. Cabot Microelectronics (CCMP) was upgraded to Buy from Hold by Needham analyst Y. Edwin Mok, citing its high exposure to strong growth in 3D NAND production and the increased success of its pad business. 3. Bemis (BMS) was upgraded to Overweight from Equal Weight by Barclays analyst Scott Gaffner, who contends that the company's shift from transformation to a self-funded turnaround brings the potential for "meaningful" share upside. 4. Pier 1 Imports (PIR) was upgraded to Hold from Reduce at Gordon Haskett, whose analyst thinks the shares could be a short squeeze candidate. 5. Black Box (BBOX) was upgraded to Buy from Neutral at Sidoti, citing valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
VSM Versum Materials
$36.22

-1.785 (-4.70%)

02/07/18
STFL
02/07/18
UPGRADE
Target $46
STFL
Buy
Versum Materials upgraded to Buy from Hold at Stifel
Stifel analyst Patrick Ho last night upgraded Versum Materials to Buy from Hold and raised his price target for the shares to $46 from $43. The analyst believes the post-earnings selloff in the shares has created an attractive valuation. Concerns over near-term margin pressures are "somewhat overblown," Ho tells investors in a research note. He thinks Versum is poised to continue to benefit from continued strength in its advanced materials business.
02/06/18
STFL
02/06/18
UPGRADE
STFL
Buy
Versum Materials upgraded to Buy from Hold at Stifel
03/26/18
JEFF
03/26/18
UPGRADE
Target $50
JEFF
Buy
Versum Materials upgraded to Buy from Hold at Jefferies
Jefferies analyst Laurence Alexander upgraded Versum Materials to Buy and raised his price target for the shares to $50 from $39. Logic and memory demand coupled with demand for new, higher-performance materials create an attractive environment for the company, Alexander tells investors in a research note. He believes Versum has a "more resilient growth profile" while trading only at a market multiple.
01/25/18
LOOP
01/25/18
DOWNGRADE
Target $42
LOOP
Hold
Versum Materials downgraded to Hold from Buy at Loop Capital
Loop Capital analyst Chris Kapsch downgraded Versum Materials to Hold and lowered his price target for the shares to $42 from $47. The company's earnings growth progression may trail peers in 2018, and possibly 2019, Kapsch tells investors in a research note. He believes Versum's benefit from strength in the electronic chemicals space could be "muted" this year, spurring a lagging relative stock price performance.

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