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MTSI

Macom

$15.17

0.28 (1.88%)

09:38
11/14/18
11/14
09:38
11/14/18
09:38

Macom price target lowered to $27 from $34 at Needham

Needham analyst N. Quinn Bolton lowered his price target on Macom to $27 to reflect the "more conservative semiconductor valuation multiples" and also lowered his FY19 revenue view by $10M to $650M after the company's Q1 guidance at the midpoint came in below consensus. Longer term, the analyst keeps his Buy rating on Macom, noting its in-line Q4 earnings, strong Data Center group product revenue, opportunities around 5G technology, and the upgraded radar programs.

MTSI Macom
$15.17

0.28 (1.88%)

10/18/18
STFL
10/18/18
NO CHANGE
STFL
Stifel lowers analog and IoT semiconductor estimates on broad-based slowdown
Stifel analyst Tore Svanberg said he expects Q3 to come in essentially in line with expectations for analog and IoT semiconductor companies, but sees their Q4 outlooks being impacted by a potential supply-chain correction or slower end-market growth. He now believes 2019 will now be a down year, projecting a 2%-4% contraction, and sees companies aligned with strong secular growth stories as poised to outperform their peers. Svanberg identifies Monolithic Power (MPWR), Silicon Labs (SLAB), Semtech (SMTC) and Quantenna (QTNA) as among the companies he sees being aligned with strong secular growth stories. In conjunction with the sector preview, Svanberg lowered his price targets on Monolithic Power, Silicon Labs, Alpha & Omega (AOSL), Macom (MTSI), Maxim Integrated (MXIM), MaxLinear (MXL), NXP Semiconductors (NXPI), O2Micro (OIIM), Power Integrations (POWI) and Texas Instruments (TXN).
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
Target $20
STFL
Sell
Macom downgraded to Sell at Stifel on cycle peak, debt concerns
As previously reported, Stifel analyst Tore Svanberg downgraded Macom to Sell from Hold, arguing that multiple recent industry data points seem to suggest the analog and mixed-signal semiconductor markets are peaking. Amid the potentially peaking semi cycle, Svanberg is concerned that rising interest rates raise the risk for debt-heavy firms, which is how he identifies Macom. Svanberg cut his price target on Macom shares to $20 from $22.
09/12/18
STFL
09/12/18
DOWNGRADE
STFL
Sell
Macom downgraded to Sell from Hold at Stifel

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DB

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SPX

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IBKC

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RMNI

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CRM

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AAC

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HPQ

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TRPX

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GLD

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