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ON

ON Semiconductor

$23.95

-0.3 (-1.24%)

, MCHP

Microchip

$94.62

-1.12 (-1.17%)

10:44
07/19/18
07/19
10:44
07/19/18
10:44

Nomura rolls out Analog Semi coverage, names ON top pick

Nomura Instinet analyst Krysten Sciacca last night rolled out coverage on Analog Semiconductors. The analyst expects the group to outperform throughout the remainder of 2018 given its "steadier business models" versus other semi sectors, "strong" free cash flow generation and the "strong" demand coming from the auto and industrial applications. Her top pick is ON Semiconductor (ON), which the analyst initiated with a Buy rating and $30 price target. ON currently trades at a 35% discount to the Analog group, but its multiple should expand as investors come to better appreciate the company's exposure to industrial and auto, Sciacca told investors in a research note. She believes the company's 2020 target model will likely prove conservative. Sciacca also initiated coverage of Microchip (MCHP) with a Buy rating and $110 price target. The stock currently trades at a 22% discount to the comp group, but its "aggressive" de-leveraging, market share gains, and "strong" executional track record warrant the stock returning to its historical five-year average premium of 2%, the analyst contends. She initiated Cree (CREE) with a Hold rating and $44 price target saying the stock is already pricing in tailwinds and assumed coverage of Analog Devices (ADI) with a Neutral rating and $100 price target.

ON

ON Semiconductor

$23.95

-0.3 (-1.24%)

MCHP

Microchip

$94.62

-1.12 (-1.17%)

CREE

Cree

$46.84

-0.08 (-0.17%)

ADI

Analog Devices

$98.16

-0.94 (-0.95%)

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ON ON Semiconductor
$23.95

-0.3 (-1.24%)

04/25/18
MZHO
04/25/18
NO CHANGE
MZHO
Neutral
Mizuho sees Texas Instruments quarter as positive for Cypress, ON, Autoliv
Texas Instruments (TXN) reported an inline March quarter but highlighted that Automotive and Industrial are growing 14% year-over-year while inventory in the channel and lead times are at normal levels with little evidence of double ordering, Mizuho analyst Vijay Rakesh tells investors in a research note. He believes the strong outlook for Auto and Industrial should be positive into earnings for Cypress Semiconductor (CY), ON Semiconductor (ON) and Autoliv (ALV). The analyst keeps a Neutral rating on Texas Instruments citing valuation.
07/18/18
NOMU
07/18/18
INITIATION
Target $30
NOMU
Buy
ON Semiconductor initiated with a Buy at Nomura Instinet
Nomura initiated ON Semiconductor with a Buy and $30 price target.
07/17/18
SUSQ
07/17/18
NO CHANGE
SUSQ
Semi lead-times signal strong demand backdrop, says Susquehanna
Susquehanna analyst Christopher Rolland said his primary research reveals modestly expanding lead times for semis during Q2, suggesting a strong demand backdrop. He also suggested it could be due to some over-ordering and noted they are just below the 2011 peak. The analyst believes Q2 is likely to be solid for the group, but adds that over-ordering risks are growing.
07/19/18
07/19/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Clorox (CLX) initiated with a Sell at UBS. 2. Cree (CREE) initiated with a Neutral at Nomura Instinet. 3. Paycom (PAYC) initiated with a Buy at Needham. 4. Lonestar Resources (LONE) initiated with a Buy at SunTrust. 5. ON Semiconductor (ON) initiated with a Buy at Nomura Instinet. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
MCHP Microchip
$94.62

-1.12 (-1.17%)

06/25/18
ARGS
06/25/18
NO CHANGE
Target $115
ARGS
Buy
Microchip price target raised to $115 from $106 at Argus
Argus analyst Jim Kelleher raised his price target on Microchip (MCHP) to $115 and kept his Buy rating after the company closed its acquisition of Microsemi (MSCC), saying the combination of the two companies will combine operating efficiencies that will drive margin expansion going forward. The analyst also sees the deal strengthening its presence in the non-technology markets such as aerospace-defense as well as the fast-growing technology markets like data center and communication infrastructure. Kelleher further notes that valuation on Microchip stands at 11.4-times his expected FY20 EPS, while its two-year average of 12.0-times is below the historical P/E of 14.2-times.
06/05/18
JPMS
06/05/18
INITIATION
Target $125
JPMS
Overweight
Microchip reinstated with an Overweight at JPMorgan
JPMorgan analyst Harlan Sur reinstated coverage of Microchip Technology with an Overweight rating and $125 price target following a period of restriction. The analyst sees a "solid demand environment" and expects strong execution to drive synergies following the acquisition of Microsemi.
07/18/18
NOMU
07/18/18
INITIATION
Target $110
NOMU
Buy
Microchip initiated with a Buy at Nomura Instinet
Nomura Instinet initiated Microchip with a Buy and $110 price target.
CREE Cree
$46.84

-0.08 (-0.17%)

04/25/18
OPCO
04/25/18
UPGRADE
Target $53
OPCO
Outperform
Cree upgraded to Outperform at Oppenheimer
As previously reported, Oppenheimer analyst Colin Rusch upgraded Cree to Outperform from Perform, with a $53 price target on the stock, as he believes the company is in the early stages of a large growth opportunity with critically defensible IP for SiC in power management applications for renewables and EV's as well as GaN for 5G infrastructure buildout.
06/27/18
ROTH
06/27/18
NO CHANGE
Target $45
ROTH
Neutral
Cree price target raised to $45 from $39 at Roth Capital
Roth Capital analyst Craig Irwin raised his price target for Cree to $45 from $39 as he expects GT Advanced to become a "formidable" competitor in silicon carbide. Cree's largest issues over the past 20 years have come from direct competition with its customers, and it appears that could remain the case in silicon carbide given the operating structure at Wolfspeed, he adds. The analyst reiterates a Neutral rating on the shares.
07/18/18
NOMU
07/18/18
INITIATION
Target $44
NOMU
Neutral
Cree initiated with a Neutral at Nomura Instinet
Nomura initiated Cree with a Neutral and $44 price target.
ADI Analog Devices
$98.16

-0.94 (-0.95%)

07/18/18
NOMU
07/18/18
INITIATION
Target $100
NOMU
Neutral
Analog Devices initiated with a Neutral at Nomura Instinet
Nomura Instinet initiated Analog Devices with a Neutral and $100 price target.
06/21/18
LOOP
06/21/18
INITIATION
Target $117
LOOP
Buy
Analog Devices initiated with a Buy at Loop Capital
Loop Capital analyst Cody Acree initiated Analog Devices with a Buy rating and a price target of $117, saying the company offers 17% revenue growth this year along with "some of the best gross margins" in the semiconductor sector. Cree believes Analog Devices is among the "best positioned companies" in the chip space, becoming the second largest supplier to analog industry. Acree also states that Analog Devices is positioned to gain share faster that its competition as it integrates and takes advantage of cross-selling opportunities from its recent acquisition of Linear.
05/31/18
FBCO
05/31/18
NO CHANGE
Target $110
FBCO
Outperform
Analog Devices price target raised to $110 from $100 at Credit Suisse
Credit Suisse analyst John Pitzer raised his price target for Analog Devices to $110 from $100 after the company reported quarterly results. The analyst reiterates an Outperform rating on the shares.
06/27/18
OTRG
06/27/18
NO CHANGE
OTRG
Analog Devices may lose some content in lower cost new iPhone, says OTR Global
OTR Global believes the new, lower-cost LCD iPhone may not include 3D Touch or a dual-lens camera, which would be a negative for Analog Devices (ADI), which supplies touch sensor chips and capacitive fingerprint sensor controllers to Apple (AAPL).

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TriMas

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