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DIOD

Diodes

$39.19

0.7 (1.82%)

, ON

ON Semiconductor

$22.74

0.3 (1.34%)

06:35
04/17/19
04/17
06:35
04/17/19
06:35

Longbow downgrades Texas Instruments, three other semis to Neutral

Longbow analyst Shawn Harrison downgraded Diodes (DIOD), ON Semiconductor (ON), Littelfuse (LFUS) and Texas Instruments (TXN) to Neutral from Buy to reflect a more conservative view of Q2 and second half sales growth relative to consensus expectations. Recent channel checks provided a more cautious view into any recovery given uncertainty in bookings in China and Europe, greater excess inventory than previously realized, and a return of semi pricing pressure, Harrison tells investors in a research note. Valuations also play a role in his downgrades of Littelfuse, Texas Instruments. For Diodes and ON Semiconductor, Harrison believes the slower demand recovery and a return of price declines will "mute clear secular tailwinds and weigh on sentiment, limiting upside."

DIOD

Diodes

$39.19

0.7 (1.82%)

ON

ON Semiconductor

$22.74

0.3 (1.34%)

LFUS

Littelfuse

$200.78

3.25 (1.65%)

TXN

Texas Instruments

$116.20

1.15 (1.00%)

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DIOD Diodes
$39.19

0.7 (1.82%)

11/07/18
BNCH
11/07/18
NO CHANGE
Target $45
BNCH
Buy
Diodes results, guidance 'much better' than feared, says Benchmark
Benchmark analyst Gary Mobley reiterated his Buy rating on Diodes (DIOD) shares after the company's Q3 results and Q4 guidance were both "much better" than feared at a time when peers such as Texas Instruments (TXN) are "struggling." He maintains a $45 price target on Diodes, stating that he believes the company can take market share in 2018.
04/17/19
LBOW
04/17/19
DOWNGRADE
LBOW
Neutral
Diodes downgraded to Neutral from Buy at Longbow
02/27/19
BARD
02/27/19
DOWNGRADE
BARD
Neutral
Diodes downgraded to Neutral from Outperform at Baird
09/19/18
SIDC
09/19/18
UPGRADE
SIDC
Buy
Diodes upgraded to Buy from Neutral at Sidoti
ON ON Semiconductor
$22.74

0.3 (1.34%)

03/28/19
STFL
03/28/19
NO CHANGE
Target $28
STFL
Buy
Stifel 'applauds' ON Semiconductor deal for Quantenna at 'reasonable' valuation
Stifel analyst Kevin Cassidy said he "applauds" ON Semiconductor's (ON) deal to acquire Quantenna (QTNA) at what he view as a "reasonable" valuation, stating that the transaction expands ON's markets and widens its product breadth. He also believes Quantenna has a strong and defensible business model, Cassidy tells investors. He maintains a Buy rating and $28 price target on ON Semiconductor shares.
04/17/19
LBOW
04/17/19
DOWNGRADE
LBOW
Neutral
ON Semiconductor downgraded to Neutral from Buy at Longbow
03/28/19
CHLM
03/28/19
NO CHANGE
Target $25
CHLM
Buy
ON acquisition of Quantenna should add to growth, earnings, says Craig-Hallum
Craig-Hallum analyst Anthony Stoss notes that ON Semiconductor (ON) is acquiring Quantenna (QTNA), which should add to growth, earnings, and margins. The analyst likes the deal for ON, and continues to view ON as one of his top names. Stoss reiterates a Buy rating and a $25 price target on On Semiconductor's shares.
03/28/19
MSCO
03/28/19
NO CHANGE
MSCO
Infineon warning a 'reality check' for semiconductor group, says Morgan Stanley
Morgan Stanley analyst Craig Hettenbach noted that Infineon cut its FY19 revenue guidance by around 3.5% yesterday, citing elevated inventory in China autos and distribution broadly. Hettenbach calls the negative pre-announcement "an important reality check for semis" that calls into question recently building optimism for a second half rebound. Hettenbach maintains a Cautious view on Semis as a group and lists Sensata (ST), NXP Semiconductors (NXPI), TE Connectivity (TEL), Cypress Semiconductor (CY) and ON Semiconductor (ON) as stocks he covers that have meaningful exposure to autos.
LFUS Littelfuse
$200.78

3.25 (1.65%)

04/17/19
LBOW
04/17/19
DOWNGRADE
LBOW
Neutral
Littelfuse downgraded to Neutral from Buy at Longbow
01/31/19
LBOW
01/31/19
UPGRADE
LBOW
Buy
Littelfuse upgraded to Buy from Neutral at Longbow
01/08/19
OPCO
01/08/19
UPGRADE
OPCO
Outperform
Littelfuse upgraded to Outperform from Perform at Oppenheimer
01/08/19
OPCO
01/08/19
UPGRADE
Target $215
OPCO
Outperform
Littelfuse upgraded to Outperform at Oppenheimer
As previously reported, Oppenheimer analyst Christopher Glynn upgraded Littelfuse to Outperform from Perform, with a $215 price target. The analyst notes that Littelfuse's P/E multiple has contracted 32% over the past year, and shares trade at 1.09 times market multiple, in line with long-term average, but at a discount to 1.2 times average from 2016 through 2018. The company has delivered excellent strategic execution and steady relative multiple expansion for 10-plus years, so Glynn is biased to more recent relative valuation precedent, that screens favorably.
TXN Texas Instruments
$116.20

1.15 (1.00%)

04/17/19
LBOW
04/17/19
DOWNGRADE
LBOW
Neutral
Texas Instruments downgraded to Neutral from Buy at Longbow
03/28/19
MSCO
03/28/19
DOWNGRADE
Target $24.5
MSCO
Equal Weight
Quantenna Communications downgraded to Equal Weight at Morgan Stanley
Morgan Stanley analyst Craig Hettenbach downgraded Quantenna Communications (QTNA) to Equal Weight from Overweight and raised his price target on the stock to $24.50 from $18.00 to reflect the company's agreement to be acquired by ON Semiconductor (ON). For ON, Hettenbach estimates a stock buyback would be "meaningfully more accretive over the intermediate term," stating that the company said they expect the deal to be around 5c accretive to EPS but using the same amount of cash to buy back stock at an average price of $22 could add 20c to 2020 EPS. The analyst, who sees other competitors - such as Cypress (CY), Microchip (MCHP) and Texas Instruments (TXN) - being "much better positioned" in low power WiFi, keeps an Underweight rating on ON Semiconductor shares.
03/25/19
03/25/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Akamai (AKAM) downgraded to Sell from Hold at Deutsche Bank with analyst Vijay Bhagavath saying his estimates for fiscal 2019 through fiscal 2021 are below consensus for both sales and earnings. 2. Nu Skin (NUS) downgraded to Sell from Hold at Stifel with analyst Mark Astrachan saying he sees increasing uncertainty surrounding direct selling companies in China relating to the investigation announced in January into the unlawful promotion and sale of health products. 3. TrueCar (TRUE) downgraded to Hold from Buy at Benchmark with analyst Daniel Kurnos saying he believes it may take several quarters for management to regain credibility, with each quarter heavily scrutinized along the way. 4. Texas Instruments (TXN) and Analog Devices (ADI) downgraded to Market Perform from Outperform at Bernstein. 5. CalAmp (CAMP) downgraded to Neutral from Overweight at JPMorgan with analyst Paul Coster saying he sees limited catalysts for the shares. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/25/19
BERN
03/25/19
DOWNGRADE
Target $115
BERN
Market Perform
Texas Instruments downgraded to Market Perform at Bernstein
As previously reported, Bernstein analyst Stacy Rasgon downgraded Texas Instruments to Market Perform from Outperform, with a $115 price target, after the shares recent run. While the analyst would not "talk anyone out of owning" shares for the long-term, given the broader set-up he might prefer to put new money to work in other parts of the space with more valuation support. Rasgon acknowledges that Texas Instruments' numbers are "unaggressive," though he does see some potential for a bit of gross margin headwinds. Overall, the analyst believes the shares appear "reasonably fairly valued" at this point.

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