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MCHP

Microchip

$98.07

0.3 (0.31%)

06:14
08/10/18
08/10
06:14
08/10/18
06:14

Microchip earnings selloff a buying opportunity, says Mizuho

Mizuho analyst Vijay Rakesh recommends using today's post-earnings selloff in shares of Microchip Technology as a buying opportunity. Despite near-term weakness amid inventory and tariff concerns, the analyst sees the Microsemi acquisition as an opportunity for Microchip to drive "sales breadth and operating leverage." He reiterates a Buy rating on Microchip with a $110 price target.

  • 14

    Aug

  • 04

    Sep

MCHP Microchip
$98.07

0.3 (0.31%)

07/19/18
NOMU
07/19/18
INITIATION
NOMU
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.
07/23/18
MSCO
07/23/18
NO CHANGE
MSCO
Tariff uncertainty a potential risk to semiconductor demand, says Morgan Stanley
Morgan Stanley analyst Joseph Moore said the firm's quarterly survey of distributors leads him to expect "solid" Q2 results and Q3 guidance from broad-based semiconductor companies this earnings season as demand remains strong. However, the present tariff related uncertainty present a risk for a "demand shock" that could lead to an inventory unwind in the semi supply chain, Moore warns investors. He thinks the potential of further semi stock outperformance is limited at this stage of the cycle, while "even the slightest whiff on the demand front" could lead to a significant decline in stocks, he tells investors. Moore added that he favors companies with more defensive characteristics, such as Analog Devices (ADI), over those with more commodity exposure and lower margins, like Cypress Semiconductor (CY). Other publicly traded companies in the semiconductors space include Micron (MU), AMD (AMD), Intel (INTC), Marvell (MRVL), Microchip (MCHP), Nvidia (NVDA), Qualcomm (QCOM) and Texas Instruments (TXN). Shares of Micron are down 2.5% in pre-market trading to $53.65.
07/27/18
PIPR
07/27/18
NO CHANGE
Target $150
PIPR
Overweight
Microchip price target raised to $150 from $110 at Piper Jaffray
Piper Jaffray analyst Harsh Kumar raised his price target for Microchip Technology to $150 ahead of the company's Q2 results. The analyst believes Microchip has "significant room" to continue to beat earnings estimates for several quarters in a row. Further, his sensitivity analysis shows the company has the ability to generate "significant" free cash flow in order to meet both the dividend and the debt obligations, even if the company growth were to slow down to 0% or even potentially decline by 3%. He keeps an Overweight rating on Microchip shares.
08/09/18
MSCO
08/09/18
NO CHANGE
MSCO
Morgan Stanley downgrades semiconductor industry view to Cautious
Morgan Stanley analyst Joseph Moore said he has become less constructive on semiconductor stocks through the year and he now believes elevated inventory levels and stretched lead times leave "no margin for error." Given his view that any lead time adjustment or demand slowdown could drive a "meaningful correction," Moore has downgraded his semiconductor industry view to Cautious from In-Line. He favors connector companies, like Amphenol (APH) and TE Connectivity (TEL) over analog/MCU at this point in the cycle, due to lower risk around lead time issues, Moore said. He also has a "strong preference" for high margin and more defensive models, such as Analog Devices (ADI) over lower margin and commodity exposed ones, like Cypress Semiconductor (CY) and ON Semiconductor (ON), he said. Despite his more cautious view on the space, Moore keeps Overweight ratings on Nvidia (NVDA), Xilinx (XLNX) and Ambarella (AMBA), citing his view that they should benefit from secular growth in the area of AI, data center, and autonomous. Other semiconductor names include Microchip (MCHP), Qorvo (QRVO), Micron (MU), Intel (INTC), Broadcom (AVGO) and Qualcomm (QCOM).

TODAY'S FREE FLY STORIES

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BHP Billiton

$48.30

0.38 (0.79%)

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TGE

Tallgrass Energy

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TLRY

Tilray

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  • 28

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LFL

LATAM Airlines

$0.00

(0.00%)

19:10
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Earnings
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MNOV

MediciNova

$8.99

-0.11 (-1.21%)

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HTZ

Hertz

$21.05

0.155 (0.74%)

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$36.23

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CREE

Cree

$46.42

0.99 (2.18%)

MELI

MercadoLibre

$319.70

-4.3 (-1.33%)

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IBKR

Interactive Brokers

$61.99

0.76 (1.24%)

18:43
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MSFT

Microsoft

$106.87

-0.71 (-0.66%)

18:29
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LinkedIn to let economics researchers mine its data »

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  • 04

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GSB

GlobalSCAPE

$3.46

(0.00%)

18:27
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18:27
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GlobalSCAPE to launch $15M modified Dutch auction tender offer »

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  • 10

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BHP

BHP Billiton

$48.30

0.38 (0.79%)

18:24
08/20/18
08/20
18:24
08/20/18
18:24
Earnings
BHP reports FY18 underlying profit $9.6B, consensus $9.2B according to Bloomberg »

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LII

Lennox

$225.37

2.76 (1.24%)

18:19
08/20/18
08/20
18:19
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18:19
Earnings
Lennox cuts FY18 adjusted EPS view to $8.90-$9.30 from $9.95-$10.35 »

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GDI

Gardner Denver

$28.29

0.36 (1.29%)

18:10
08/20/18
08/20
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MMM

3M

$204.57

-0.24 (-0.12%)

18:09
08/20/18
08/20
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Initiation
3M initiated  »

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ETN

Eaton

$81.33

0.35 (0.43%)

18:05
08/20/18
08/20
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18:05
Initiation
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FLS

Flowserve

$51.51

0.16 (0.31%)

18:01
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ITW

Illinois Tool Works

$138.37

-1.05 (-0.75%)

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CFX

Colfax

$33.28

0.62 (1.90%)

17:56
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ALLE

Allegion

$86.97

0.26 (0.30%)

17:54
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CGNX

Cognex

$52.42

0.02 (0.04%)

17:53
08/20/18
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UTX

United Technologies

$135.14

0.73 (0.54%)

17:47
08/20/18
08/20
17:47
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17:47
Periodicals
United Technologies buys analytics firm Predikto, Dow Jones says »

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JCI

Johnson Controls

$38.73

0.48 (1.25%)

17:47
08/20/18
08/20
17:47
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Initiation
Johnson Controls initiated at Morgan Stanley »

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PH

Parker-Hannifin

$170.11

0.55 (0.32%)

17:43
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17:43
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Initiation
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TWTR

Twitter

$32.60

-0.14 (-0.43%)

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Facebook

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FB

Facebook

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LII

Lennox

$225.37

2.76 (1.24%)

17:41
08/20/18
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Initiation
Lennox initiated at Morgan Stanley »

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ROK

Rockwell Automation

$173.77

0.14 (0.08%)

17:34
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Initiation
Rockwell Automation initiated at Morgan Stanley »

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