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INTC

Intel

$46.14

-0.77 (-1.64%)

, ADI

Analog Devices

$92.82

-2.19 (-2.31%)

14:36
09/25/18
09/25
14:36
09/25/18
14:36

Intel slides as analyst says sell with semis seen in cyclical downturn

Shares of Intel (INTC) are slipping after Raymond James analyst Chris Caso downgraded the stock to Underperform, a sell-equivalent rating, based on cyclical concerns regarding the semiconductor sector following checks in Asia. The analyst sees a number of headwinds mounting against the company, set to impact longer-term growth expectations and profitability. Caso also downgraded chipmaking peers Analog Devices (ADI), Microchip (MCHP) and ON Semiconductor (ON) to neutral-equivalent ratings, and Monolithic Power (MPWR) to Outperform. SELL INTEL: In a research note to investors this morning, Raymond James' Caso downgraded Intel to Underperform from Market Perform based on sector cyclical concerns following checks in Asia. He believes there are a number of headwinds mounting against the company, set to impact longer-term growth expectations and profitability. Caso pointed out Intel's CPU shortages are well-know, but recent checks suggest shortages on some new high margin SKUs, which will limit near-term upside. Additionally, the company's delay in 10nm production is its biggest strategic problem as it creates a window for competitors to gain share which it may never overtake, he contended. PEERS ALSO DOWNGRADED: Citing his checks in Asia, Raymond James' Caso downgraded Analog Devices to Market Perform from Outperform as he believes there has been a negative sentiment shift during the month of September among suppliers, with several trends clearly worsening. The analyst has concluded that the semiconductor sector has entered a cyclical downturn and has made a broad call to downgrade nearly all of his stocks under coverage. Caso does not believe Analog can escape the effects of industry trends and prefers to move to the sidelines. The analyst also downgraded Microchip to Market Perform from Outperform on worse trends since the August earnings call, and ON Semiconductor to Market Perform as well, as he believes the company cannot escape the effects of industry trends. Not as bearish on Monolithic Power, Caso cut the stock's rating to Outperform from Strong Buy and maintained a $160 price target. The analyst argued that Monolithic's design success should allow it to continue to grow, and views a 20% long-term growth rate as reasonable. 'SOFTENING' CYCLE METRICS: Meanwhile, KeyBanc analyst Weston Twigg launched coverage of 10 semiconductor names, including Intel with a Sector Weight rating. While the analyst forecasts good growth in Intel's non-PC divisions, he views the slowdown of the company's node transitions as an erosion of competitive advantage, and expects headlines of share loss to AMD (AMD) and Nvidia (NVDA) to be a chronic headwind for the stock. Still, Twigg expects Intel to remain dominant in its markets, and the company should remain highly competitive and profitable as cloud, AI, and machine learning drive the next wave of compute. Alongside Intel, the analyst also started coverage of Analog Devices, AMD, Microchip, Maxim (MXIM), Nvidia, On Semiconductor, Qualcomm (QCOM), Silicon Motion (SIMO), and Texas Instruments (TXN), all with Sector Weight ratings. Twigg cites "softening" cycle metrics, near-term demand dynamics, and trade war risks that will likely present near-term headwinds for the stocks. Nonetheless, the analyst noted that he is constructive on the long-term trajectory of the industry as new demand drivers emerge, and views consolidation and scale as strategic competitive advantages for larger-cap stocks. PRICE ACTION: In afternoon trading, shares of Intel have dropped about 2% to $46.10.

INTC

Intel

$46.14

-0.77 (-1.64%)

ADI

Analog Devices

$92.82

-2.19 (-2.31%)

MCHP

Microchip

$79.10

-3.19 (-3.88%)

ON

ON Semiconductor

$18.44

-0.665 (-3.48%)

MPWR

Monolithic Power

$129.88

-2.99 (-2.25%)

AMD

AMD

$32.59

-0.03 (-0.09%)

NVDA

Nvidia

$268.05

2.33 (0.88%)

QCOM

Qualcomm

$73.16

-0.43 (-0.58%)

SIMO

Silicon Motion

$54.13

-0.04 (-0.07%)

MXIM

Maxim Integrated

$58.13

-1.61 (-2.70%)

TXN

Texas Instruments

$107.78

-2.03 (-1.85%)

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INTC Intel
$46.14

-0.77 (-1.64%)

09/25/18
RAJA
09/25/18
DOWNGRADE
RAJA
Underperform
Intel downgraded to Underperform from Market Perform at Raymond James
Raymond James analyst Chris Caso downgraded Intel (INTC) to Underperform from Market Perform based on sector cyclical concerns following checks in Asia. Caso's checks indicate there has been a negative sentiment shift during the month of September among suppliers, with several trends clearly worsening. The analyst has concluded that the the semiconductor sector has entered a cyclical downturn and has made a broad call to downgrade nearly all of his stocks under coverage. For Intel, Caso said the company's CPU shortages are well-know, but recent checks suggest shortages on some new high margin SKUs, which will limit near-term upside. Additionally, Intel's delay in 10nm production is its biggest strategic problem, the analyst wrote in a note to investors, as it creates a window for competitors to gain share which it may never overtake.
09/25/18
09/25/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Intel (INTC) downgraded to Underperform from Market Perform at Raymond James while ON Semiconductor (ON) and Analog Devices (ADI) were downgraded to Market Perform from Outperform. 2. Dollar Tree (DLTR) downgraded to Neutral from Buy at Buckingham with analyst Bob Summers citing recent operating underperformance and the prospect that near-term challenges in the Family Dollar business will negate the strength of the Dollar Tree brand. 3. Cypress Semiconductor (CY) downgraded to Sector Weight from Overweight at KeyBanc with analyst John Vinh saying Asia supply-chain findings left him incrementally more cautious on the company's fundamentals. 4. Vale (VALE) downgraded to Neutral from Outperform at Macquarie. 5. SilverBow Resources (SBOW) downgraded to Hold from Buy at SunTrust with analyst Neal Dingmann saying while the company has built its portfolio while lowering costs and generating efficiencies over the past few years, it is likely to keep spending on "less proven, higher cost acreage" even as investors "remain focused on capital discipline and operating within cash flow," holding its leverage at close to 2-times. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/25/18
KEYB
09/25/18
INITIATION
KEYB
Sector Weight
Intel initiated with a Sector Weight at KeyBanc
KeyBanc analyst Weston Twigg started Intel with a Sector Weight rating. The analyst launched coverage of 10 Semiconductor names with neutral ratings saying "softening" cycle metrics, near-term demand dynamics, and trade war risks will likely present near-term headwinds for the stocks.
09/25/18
09/25/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly: TENARIS DOUBLE UPGRADED TO BUY: BofA Merrill Lynch analyst Joao Vicor Lorenzi double upgraded Tenaris (TS) to Buy from Underperform and raised his price target on shares to $40 from $30. Lorenzi expects Tenaris to benefit from a sustained, broad based recovery in its end markets that should result in a muli-year period of strong earnings momentum. The analyst also said the recent pullback in shares has created a compelling buying opportunity. In late morning trading, Tenaris shares are higher by 5.3%. CITI UPGRADES BARRICK TO BUY: Citi analyst Alexander Hacking upgraded Barrick Gold (ABX) to Buy from Neutral and raised his price target for the shares to $14 from $11, saying the company's acquisition of Randgold (GOLD) is a win for Barrick on two levels. One, Barrick management gets an upgrade to the most successful CEO in the sector, which adds "significant credibility" to its turnaround. Two, the deal solidifies Barrick's capital allocation by removing the acquisition overhang and accelerating assets sales, the analyst added. RAYMOND JAMES CUTS INTEL TO UNDERPERFORM: Raymond James analyst Chris Caso downgraded Intel (INTC) to Underperform from Market Perform based on sector cyclical concerns following checks in Asia. Caso's checks indicate there has been a negative sentiment shift during the month of September among suppliers, with several trends clearly worsening. The analyst has concluded that the the semiconductor sector has entered a cyclical downturn and has made a broad call to downgrade nearly all of his stocks under coverage. For Intel, Caso said the company's CPU shortages are well-know, but recent checks suggest shortages on some new high margin SKUs, which will limit near-term upside. SIRIUS CUT TO NEUTRAL FOLLOWING PANDORA ACQUISITION: Credit Suisse analyst Brian Russo downgraded Sirius XM (SIRI) to Neutral and lowered his price target for the shares to $7.50 from $8.50. The company's acquisition of Pandora Media (P) "changes the story," Russo said. The analyst believes the opportunities and potential synergies between the two companies, as well as management's capital deployment intentions, are "unclear at this time." Further, Russo thinks shares of Sirius XM could be range-bound through the deal's expected close in Q1 of 2019. BENCHMARK STARTS CANOPY WITH A BUY: Benchmark analyst Mike Hickey initiated Canopy Growth (CGC) with a Buy rating and C$100 price target, citing Canopy's early leadership in the medical cannabis market and upcoming legalization of recreational cannabis in Canada and the meaningful investment from Constellation Brands (STZ). That investment accelerates the ongoing build-out of its international production and distribution operations and domestic retail infrastructure to meet rapidly growing global demand, Hickey said.
ADI Analog Devices
$92.82

-2.19 (-2.31%)

09/25/18
RAJA
09/25/18
DOWNGRADE
RAJA
Market Perform
Analog Devices downgraded to Market Perform from Outperform at Raymond James
Raymond James analyst Chris Caso downgraded Analog Devices to Market Perform from Outperform based on sector cyclical concerns following checks in Asia. Caso's checks indicate there has been a negative sentiment shift during the month of September among suppliers, with several trends clearly worsening. The analyst has concluded that the the semiconductor sector has entered a cyclical downturn and has made a broad call to downgrade nearly all of his stocks under coverage. Caso does not believe Analog can escape the effects of industry trends and prefers to move to the sidelines.
09/25/18
KEYB
09/25/18
INITIATION
KEYB
Sector Weight
Analog Devices initiated with a Sector Weight at KeyBanc
KeyBanc analyst Weston Twigg started Analog Devices with a Sector Weight rating. The analyst launched coverage of 10 Semiconductor names with neutral ratings saying "softening" cycle metrics, near-term demand dynamics, and trade war risks will likely present near-term headwinds for the stocks.
09/04/18
09/04/18
DOWNGRADE

In Line
Analog Devices downgraded to In Line on growth deceleration at Evercore ISI
As previously reported, Evercore ISI downgraded Analog Devices to In Line from Outperform and lowered its price target to $105 from $110. Analyst C.J. Muse said the negative impact to B2B markets from the escalating trade ware are beginning to modestly impact demand in automotive/industrial. Muse believes a deceleration in growth is highly likely, and combined with full valuation, will make it difficult for shares to outperform.
MCHP Microchip
$79.10

-3.19 (-3.88%)

09/25/18
RAJA
09/25/18
DOWNGRADE
RAJA
Market Perform
Microchip downgraded to Market Perform from Outperform at Raymond James
Raymond James analyst Chris Caso downgraded Microchip to Market Perform from Outperform based on sector cyclical concerns following checks in Asia. Caso's checks indicate there has been a negative sentiment shift during the month of September among suppliers, with several trends clearly worsening. The analyst has concluded that the the semiconductor sector has entered a cyclical downturn and has made a broad call to downgrade nearly all of his stocks under coverage. Caso believes trends at Microchip have worsened since the August earnings call and are reflected in valuation, but is not sure about the magnitude or duration of this slowdown and prefers to move to the sideline.
09/25/18
KEYB
09/25/18
INITIATION
KEYB
Sector Weight
Microchip initiated with a Sector Weight at KeyBanc
KeyBanc analyst Weston Twigg started Microchip with a Sector Weight rating. The analyst launched coverage of 10 Semiconductor names with neutral ratings saying "softening" cycle metrics, near-term demand dynamics, and trade war risks will likely present near-term headwinds for the stocks.
09/17/18
BOFA
09/17/18
DOWNGRADE
Target $95
BOFA
Neutral
Microchip downgraded to Neutral from Buy at BofA/Merrill
BofA/Merrill analyst Vivek Arya downgraded Microchip to Neutral from Buy and lowered its price target to $95 from $115 citing more balanced risk/reward, high debt leverage, and Microsemi integration risk, especially from excess channel inventory.
09/10/18
PIPR
09/10/18
NO CHANGE
Target $63
PIPR
Overweight
Piper sees strong demand trends for semis, ups Semtech price target
After hosting investor meetings with management teams across the country, Piper Jaffray analyst Harsh Kumar says semiconductor demand trends continue to remain strong. Companies are still seeing little to no impact from the trade war/tariff rhetoric, Kumar tells investors in a research note. He believes Semtech (SMTC) and Integrated Device Technology (IDTI) represent two of the best organic growth stories in the semiconductor landscape. The analyst raised his price target for Semtech to $63 from $57 and keeps an Overweight rating on the name. His top overall picks in the second remain Broadcom (AVGO), Microchip (MCHP) and Semtech.
ON ON Semiconductor
$18.44

-0.665 (-3.48%)

09/25/18
RAJA
09/25/18
DOWNGRADE
RAJA
Market Perform
ON Semiconductor downgraded to Market Perform from Outperform at Raymond James
Raymond James analyst Chris Caso downgraded ON Semiconductor to Market Perform from Outperform based on sector cyclical concerns following checks in Asia. Caso's checks indicate there has been a negative sentiment shift during the month of September among suppliers, with several trends clearly worsening. The analyst has concluded that the the semiconductor sector has entered a cyclical downturn and has made a broad call to downgrade nearly all of his stocks under coverage. Caso does not believe ON Semiconductor can escape the effects of industry trends and prefers to move to the sidelines.
09/17/18
09/17/18
DOWNGRADE
Target $47

Underweight
Sensata downgraded to Underweight on rising cyclical risks at Morgan Stanley
As previously reported, Morgan Stanley analyst Craig Hettenbach downgraded Sensata (ST) to Underweight from Equal Weight as he thinks a recent slowing across its end markets, particularly autos, which make up 60% of sales, increase the risk of a miss in Q4. He notes that the stock has held up much better in the last few weeks than other semi companies - such as Texas Instruments (TXN), ON Semiconductor (ON) and Cypress Semiconductor (CY) - facing similar risks, which leads Hettenbach to think Sensata is more susceptible to any disappointment. While the key driver of his downgrade is cyclical concerns, the analyst also noted that he is keeping an eye on the increased traction that TE Connectivity (TEL) and Amphenol (APH) are seeing in sensors. Hettenbach lowered his price target on Sensata shares to $47 from $55.
09/25/18
KEYB
09/25/18
INITIATION
KEYB
Sector Weight
ON Semiconductor initiated with a Sector Weight at KeyBanc
KeyBanc analyst Weston Twigg started ON Semiconductor with a Sector Weight rating. The analyst launched coverage of 10 Semiconductor names with neutral ratings saying "softening" cycle metrics, near-term demand dynamics, and trade war risks will likely present near-term headwinds for the stocks.
MPWR Monolithic Power
$129.88

-2.99 (-2.25%)

09/13/18
OPCO
09/13/18
NO CHANGE
Target $150
OPCO
Outperform
Monolithic Power selloff due to 'misinterpreted commentary', says Oppenheimer
Oppenheimer analyst Rick Schafer kept his Outperform rating and $150 price target on Monolithic Power, saying the stock price of as much as 8% earlier today was the result of "misinterpreted" management commentary that was magnified by the macro fears on the semiconductor group. The analyst states that the discussions of "double ordering" is positive for the company, adding that Q3 and Q4 outlook are "on track for upside". Schafer also contends that today's selloff is a "buying opportunity" for investors.
09/25/18
RAJA
09/25/18
DOWNGRADE
RAJA
Outperform
Monolithic Power downgraded to Outperform from Strong Buy at Raymond James
Raymond James analyst Chris Caso downgraded Monolithic Power to Outperform from Strong Buy and maintained a $160 price target based on sector cyclical concerns following checks in Asia. Caso's checks indicate there has been a negative sentiment shift during the month of September among suppliers, with several trends clearly worsening. The analyst has concluded that the the semiconductor sector has entered a cyclical downturn and has made a broad call to downgrade nearly all of his stocks under coverage. Caso said Monolithic Power is not immune to cycles, but thinks its design success will allow it to continue to grow and views a 20% long-term growth rate as reasonable.
08/29/18
KEYB
08/29/18
NO CHANGE
Target $170
KEYB
Overweight
Monolithic Power price target raised to $170 from $150 at KeyBanc
KeyBanc analyst John Vinh raised his price target for Monolithic Power to $170 from $150 following investor meetings as he is becoming more confident with its recently announced e-commerce strategy. While Monolithic Power is not immune to a significant correction, the analyst believes the path to $1B in revenues is well-paved given server and auto growth vectors. He reiterates an Overweight rating on the shares.
09/13/18
NEED
09/13/18
NO CHANGE
Target $155
NEED
Buy
Monolithic Power should be bought on weakness, says Needham
After speaking with Monolithic Power's management regarding the selloff in the shares following a company's presentation at a conference, Needham analyst N. Quinn Bolton believes comments related to a change in its customer's ordering patterns to more normal levels may have been misconstrued. The company has been experiencing order patterns above historical levels, he notes, but Monolithic Power has been tracking and taking measures to prevent channel build up with OEMs and distributors during this time. Given the company's efforts to prevent increases in channel inventory, Bolton believes the impact will be minimal as orders normalize. He reiterates a Buy rating and $155 price target on the shares.
AMD AMD
$32.59

-0.03 (-0.09%)

09/25/18
KEYB
09/25/18
INITIATION
KEYB
Sector Weight
AMD initiated with a Sector Weight at KeyBanc
KeyBanc analyst Weston Twigg started AMD with a Sector Weight rating. The analyst launched coverage of 10 Semiconductor names with neutral ratings saying "softening" cycle metrics, near-term demand dynamics, and trade war risks will likely present near-term headwinds for the stocks.
09/24/18
RBCM
09/24/18
INITIATION
Target $40
RBCM
Outperform
AMD initiated with an Outperform at RBC Capital
RBC Capital analyst Mitch Steves initiated AMD (AMD) with an Outperform rating and a price target of $40, citing the positives of "solid" market share gains, continued demand for gaming chips, and a "notable" operating margin leverage. The analyst expects a "material" margin expansion coming from leverage, noting that even under a base case, his FY19 earnings estimate is 10% ahead of consensus. Steves also notes that he expects AMD's server market share to grow toward 20%, while its gaming presence increases demand for high-end GPUs. The analyst contends that AMD stock price will remain volatile, but also notes that shares are trading at a "notable discount" to Nvidia (NVDA).
09/21/18
JEFF
09/21/18
NO CHANGE
Target $36
JEFF
Buy
Jefferies boosts AMD price target to $36 on Intel supply constraints
Jefferies analyst Mark Lipacis raised his price target for AMD (AMD) to $36 from $30 after Fubon Research reported this week that demand for x86 micro processing units would outstrip Intel's (INTC) ability to supply by 15% in Q4 and that Intel would likely be supply constrained into Q2 of 2019. Fubon's report leaves the analyst with higher conviction that AMD will report improving revenue, pricing and margins in the near term. AMD is positioned to take share in the high-end PC MPU and server market long term, Lipacis tells investors in a research note titled "INTC Supply Constraints = Multi-Fold Benefits to AMD." The analyst keeps a Buy rating on AMD, which closed yesterday down 3c to $31.18.
09/24/18
09/24/18
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. Idera Pharmaceuticals (IDRA) initiated with an Overweight at Barclays. 2. Caesars (CZR) Entertainment initiated with a Sell at UBS. 3. GreenTree Hospitality (GHG) initiated with a Neutral at Goldman Sachs. 4. AMD (AMD) initiated with an Outperform at RBC Capital. 5. Vonage (VG) assumed with an Outperform at William Blair. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
NVDA Nvidia
$268.05

2.33 (0.88%)

09/25/18
KEYB
09/25/18
INITIATION
KEYB
Sector Weight
Nvidia initiated with a Sector Weight at KeyBanc
KeyBanc analyst Weston Twigg started Nvidia with a Sector Weight rating. The analyst launched coverage of 10 Semiconductor names with neutral ratings saying "softening" cycle metrics, near-term demand dynamics, and trade war risks will likely present near-term headwinds for the stocks.
09/24/18
BOFA
09/24/18
NO CHANGE
Target $340
BOFA
Buy
Mixed reaction to Nvidia Turing launch might be short-sighted, says BofA/Merrill
BofA/Merrill analyst Vivek Arya reiterates a Buy rating, $340 price target and top sector pick on Nvidia. The analyst believes Street's mixed initial reaction to its new Turing game card launch could prove short-sighted. Games should start taking adequate advantage of Turing's key neural net and ray tracing features within the next three months, Arya contends, adding that even if gamers do not buy Turing, Nvidia's other high-end Pascal cards are now selling at attractive prices and are strongly ASP and margin accretive. Overall, the analyst sees Street's 4%-5% quarter over quarter sales growth expectations for Q3 and Q4 as achievable from a combination of gaming and data center sales.
09/25/18
BOFA
09/25/18
NO CHANGE
Target $360
BOFA
Buy
Nvidia price target raised to $360 from $340 at BofA/Merrill
BofA / Merrill Lynch analyst Vivek Arya raised his price target on Nvidia to a Street-high $360 after meeting with its CEO, CFO, and investor relations team to discuss the company's new Turing architecture. The analyst says the new technology "simultaneously supports high-end gaming, AI and pro-viz features in the same chip", which may produce "significant upside" in multiple segments. Arya believes that investors may be "materially underappreciating Turing's multi-pronged capability", adding that its 32-times forward earnings multiple relative to the sector's 17- to- 27-times reflects its superior growth profile. The analyst also keeps his Buy rating on Nvidia.
QCOM Qualcomm
$73.16

-0.43 (-0.58%)

09/25/18
KEYB
09/25/18
INITIATION
KEYB
Sector Weight
Qualcomm initiated with a Sector Weight at KeyBanc
KeyBanc analyst Weston Twigg started Qualcomm with a Sector Weight rating. The analyst launched coverage of 10 Semiconductor names with neutral ratings saying "softening" cycle metrics, near-term demand dynamics, and trade war risks will likely present near-term headwinds for the stocks.
09/25/18
ADAM
09/25/18
NO CHANGE
Target $86
ADAM
Buy
Qualcomm estimates updated for potential settlements at Canaccord
Canaccord analyst T. Michael Walkley updated his Qualcomm (QCOM) estimates and scenario analysis for potential settlements with Huawei and Apple (AAPL) due to accounting for ASR and one of the Huawei $100M payments. Walkley sees an improved likelihood of settling with Apple and Huawei over the next year and 5G driving longer-term market share gains and growth opportunities. Walkley reiterated his Buy rating and lowered his price target to $86 from $88 on Qualcomm shares.
09/19/18
DBAB
09/19/18
NO CHANGE
Target $70
DBAB
Buy
Qualcomm price target raised to $70 from $67 at Deutsche Bank
Deutsche Bank analyst Ross Seymore raised his price target for Qualcomm to $70 to reflect the company's $16B accelerated share buyback program. Despite higher earnings estimates, the analyst keeps a Hold rating on Qualcomm. He continues to see "discrete event risks" for the company due to its ongoing litigation and disputes with licensees.
09/13/18
LEHM
09/13/18
INITIATION
Target $95
LEHM
Overweight
Qualcomm reinstated with an Overweight at Barclays
Barclays analyst Blayne Curtis reinstated coverage on Qualcomm (QCOM) with an Overweight rating and $95 price target. While the near-term "is a little noisy" as the known Apple (AAPL) loss flows through, the reason to own the stock is the upside potential to the model, Curtis tells investors in a research note. He believes resolutions at Apple and Huawei, large share buybacks, and the ramp of 5G could drive "material" upside to earnings estimates.
SIMO Silicon Motion
$54.13

-0.04 (-0.07%)

08/15/18
COWN
08/15/18
UPGRADE
Target $70
COWN
Outperform
Silicon Motion upgraded to Outperform at Cowen
As reported previously, Cowen analyst Karl Ackerman upgraded Silicon Motion to Outperform from Market Perform. The analyst sees opportunity for upward revisions based on his field work about the opportunities in open-channel controllers, declines in NAND prices, and upside in mobile amid low expectations. Ackerman raised his price target to $70 from $55 on Silicon Motion shares.
09/25/18
KEYB
09/25/18
INITIATION
KEYB
Sector Weight
Silicon Motion initiated with a Sector Weight at KeyBanc
KeyBanc analyst Weston Twigg started Silicon Motion with a Sector Weight rating. The analyst launched coverage of 10 Semiconductor names with neutral ratings saying "softening" cycle metrics, near-term demand dynamics, and trade war risks will likely present near-term headwinds for the stocks.
09/21/18
MSCO
09/21/18
UPGRADE
Target $59
MSCO
Overweight
Silicon Motion upgraded to Overweight on SSD upside at Morgan Stanley
As previously reported, Morgan Stanley analyst Charlie Chan upgraded Silicon Motion to Overweight from Equal Weight as he believes that faster than expected NAND price erosion could prompt a bigger SSD product cycle. Chan also believes that the defensive nature of Greater China Semi stocks is becoming more important given macro uncertainty caused by U.S.-China trade tensions and the overall semi downturn, he added. He raised his price target on Silicon Motion shares to $59 from $54.
09/21/18
MSCO
09/21/18
UPGRADE
MSCO
Overweight
Silicon Motion upgraded to Overweight from Equal Weight at Morgan Stanley
MXIM Maxim Integrated
$58.13

-1.61 (-2.70%)

09/25/18
KEYB
09/25/18
INITIATION
KEYB
Sector Weight
Maxim Integrated initiated with a Sector Weight at KeyBanc
KeyBanc analyst Weston Twigg started Maxim Integrated with a Sector Weight rating. The analyst launched coverage of 10 Semiconductor names with neutral ratings saying "softening" cycle metrics, near-term demand dynamics, and trade war risks will likely present near-term headwinds for the stocks.
09/12/18
STFL
09/12/18
NO CHANGE
Target $65
STFL
Hold
Maxim Integrated downgraded to Hold at Stifel as signs point to possible peak
As previously reported, Stifel analyst Tore Svanberg downgraded Maxim Integrated to Hold from Buy, arguing that multiple recent industry data points seem to suggest the analog and mixed-signal semiconductor markets are peaking. While he thinks Maxim is well positioned to benefit from secular trends, he worries this could be overshadowed by a broader slowdown in the overall analog semi industry, Svanberg tells investors. He also has concerns about tariff-related uncertainties and thinks the company's solid execution may already be priced into the stock. Svanberg lowered his price target on Maxim shares to $65 from $75.
09/12/18
09/12/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. GOLDMAN CUTS MICRON TO NEUTRAL: Goldman Sachs analyst Mark Delaney downgraded Micron Technology (MU) to Neutral from Buy and lowered his price target for the shares to $50 from $68. The analyst, who is not making a call on the upcoming fiscal Q4 results on September 20, sees weaker fundamentals for DRAM and NAND in calendar Q4 and the first half of 2019. Delaney expects Micron's gross margin to decline sequentially from Q4 of 2018 through mid-2019, and he notes that the stock is historically well correlated with the company's gross margin. His view of margin declines is due to lower memory average selling prices, both from more "challenging" DRAM conditions and also NAND oversupply. Micron is down 5.8% in late morning trading. GOLDMAN CUTS LAM RESEARCH TO NEUTRAL: Goldman Sachs analyst Toshiya Hari downgraded Lam Research (LRCX) to Neutral and lowered his price target for the shares to $180 from $224. The analyst also lowered his coverage view on the Semiconductor Capital Equipment space to Neutral from Attractive. Hari reduced his 2018/2019 memory capex expectations following "early signs of excess supply" in DRAM combined with further weakness in NAND pricing. STIFEL CUTS NXP SEMI, OTHER SEMI COS: Stifel analyst Tore Svanberg downgraded NXP Semiconductors (NXPI) to Sell from Hold, arguing that multiple recent industry data points seem to suggest the analog and mixed-signal semiconductor markets are peaking. He is particularly concerned, given the peaking industry condition, that rising interest rates raise the risk for debt-heavy firms, he added. Svanberg cut his price target on NXP shares to $84 from $99. Svanberg also downgraded Macom (MTSI) to Sell, and Power Integrations (POWI) and Maxim Integrated (MXIM) to Hold. ANALYSTS NEGATIVE ON SNAP: BTIG analyst Richard Greenfield downgraded Snap (SNAP) to Sell from Neutral with a price target of $5, saying his previous assumption that "communications apps were sticky and would protect engagement" was incorrect. The analyst notes that while he waited for "management to figure out monetization", the stock has lost over half of its value. Greenfield believes that the pain is likely not over, stating that he is now "tired" of the company's excuses for missing numbers and adding that the anticipated product innovation ability of CEO Spiegel has been disappointing. Additionally, Citi analyst Mark May lowered his price target for Snap to $8 after removing his takeover premium assumption. The analyst had assumed a 50% probability of a takeout at a 35% premium to his fundamental value of $8 per share. However, he now sees less likelihood of a near-term takeover due to Snap's recent operational challenges. The analyst kept a Sell rating on the shares.
09/12/18
STFL
09/12/18
DOWNGRADE
STFL
Hold
Maxim Integrated downgraded to Hold from Buy at Stifel
TXN Texas Instruments
$107.78

-2.03 (-1.85%)

08/14/18
MZHO
08/14/18
NO CHANGE
MZHO
Buy
ON Semiconductor pullback a buying opportunity, says Mizuho
Mizuho analyst Vijay Rakesh views the recent pullback in shares of ON Semiconductor (ON) as a buying opportunity. The analyst attributes the selloff to concerns of a peaking semi cycle, but points out that over the last four-years, ON's exposure to auto and industrial revenue has almost doubled. However, the stock trades at a 50% discount to automotive and industrial peers including Texas Instruments (TXN), NXP Semiconductors (NXPI), Analog Devices (ADI), Maxim Integrated (MXIM) and Monolithic Power (MPWR), Rakesh tells investors in a research note.
09/21/18
JEFF
09/21/18
NO CHANGE
Target $157
JEFF
Buy
Texas Instruments capital return is best practice in Semis, says Jefferies
After the company raised its dividend by 24% and announced a $12B share buyback, Jefferies analyst Mark Lipacis says Texas Instrument' policy to return 100% of its free cash flow and cash from stock exercises is best practice in the Semiconductor space. The analyst expects the company's dividend to grow as its revenues and gross margins expand. He notes the dividend boost brings Texas Instruments' dividend yield to 2.8%. Lipacis keeps a Buy rating on the shares with a $157 price target.
09/25/18
KEYB
09/25/18
INITIATION
KEYB
Sector Weight
Texas Instruments initiated with a Sector Weight at KeyBanc
KeyBanc analyst Weston Twigg started Texas Instruments with a Sector Weight rating. The analyst launched coverage of 10 Semiconductor names with neutral ratings saying "softening" cycle metrics, near-term demand dynamics, and trade war risks will likely present near-term headwinds for the stocks.

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Constellation Brands

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Options
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SHLX

Shell Midstream

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RVLT

Revolution Lighting

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Kontoor Brands

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Anthem

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