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LRCX

Lam Research

$183.61

-1.62 (-0.87%)

, KLIC

Kulicke & Soffa

$22.52

0.035 (0.16%)

08:02
07/08/19
07/08
08:02
07/08/19
08:02

Semiconductor Capital Equipment group cut to Neutral at DA Davidson on valuation

As previously reported, DA Davidson analyst Thomas Diffely cut his ratings on Lam Research (LRCX), Kulicke and Soffa (KLIC), Ichor Holdings (ICHR), Applied Materials (AMAT), and Advanced Energy Services (AEIS) to Neutral from Buy as part of his broader research note downgrading the Semiconductor Capital Equipment group following its "significant" year-to-date appreciation. The analyst cites the delayed recovery in memory along with the "cycle uncertainty" in assigning more "conservative" valuation multiples to these stocks and believes that their risk-reward profiles look "fairly balanced" at current levels. Diffely also lowers his price target on Lam Research to $200 from $225, Kulicke and Soffa to $26 from $30, Ichor Holdings to $25 from $32, Applied Materials to $45 from $55, and Advanced Energy Services to $55 from $60.

LRCX

Lam Research

$183.61

-1.62 (-0.87%)

KLIC

Kulicke & Soffa

$22.52

0.035 (0.16%)

ICHR

Ichor Holdings

$24.35

-0.34 (-1.38%)

AMAT

Applied Materials

$43.97

-0.7 (-1.57%)

AEIS

Advanced Energy

$55.21

-0.13 (-0.23%)

  • 09

    Jul

  • 09

    Jul

  • 10

    Jul

  • 01

    Aug

LRCX Lam Research
$183.61

-1.62 (-0.87%)

06/19/19
WELS
06/19/19
INITIATION
WELS
Market Perform
Lam Research initiated with a Market Perform at Wells Fargo
07/08/19
DADA
07/08/19
DOWNGRADE
DADA
Neutral
Lam Research downgraded to Neutral from Buy at DA Davidson
06/19/19
WELS
06/19/19
INITIATION
Target $195
WELS
Market Perform
Wells Fargo starts Lam Research at Market Perform with $195 price target
Wells Fargo analyst Joe Quatrochi initiated Lam Research with a Market Perform rating and $195 price target, citing his cautious near-term view on visibility in memory-related equipment spending. Though he thinks near-term concerns are overblown and believes Lam is well positioned for architectural shifts in 3D NAND, he also believes supply and demand will likely continue to be the key topic of debate in NAND Flash.
06/12/19
EVER
06/12/19
DOWNGRADE
Target $195
EVER
In Line
Lam Research downgraded to In Line from Outperform at Evercore ISI
Evercore ISI analyst C.J. Muse downgraded Lam Research to In Line from Outperform and lowered his price target for the shares to $195 from $225. An estimate reset in the second half of 2019, combined with a pushout of a memory recovery to the second half of 2020 from the first half, creates headwinds that will make it difficult for the shares to move higher over the near-term, Muse tells investors in a research note. As a result, the analyst expects to get a better buying opportunity into Lam shares at a later date.
KLIC Kulicke & Soffa
$22.52

0.035 (0.16%)

07/08/19
DADA
07/08/19
DOWNGRADE
DADA
Neutral
Kulicke & Soffa downgraded to Neutral from Buy at DA Davidson
09/10/18
STFL
09/10/18
NO CHANGE
STFL
Stifel maintains near-term outlook on WFE despite KLA-Tencor comments
Stifel analyst Patrick Ho attributes last week's sharp selloff in semiconductor capital equipment stocks to comments made by KLA-Tencor's (KLAC) management regarding additional push-outs coming from the DRAM space. Following KLA-Tencor comments that DRAM suppliers had "pushed out" the timing of some initial tool deliveries into the first half of calendar 2019, Ho said his checks suggest that these push outs are coming from multiple players, one of which had already been hinted at earlier. Given potential DRAM push outs, some of which were already factored into his current forecast, Ho believes 2018 WFE could end up between $48-$50B, which he notes would be up slightly from $47.5B in 2017. For 2019, his current WFE forecast calls for $53B-$55B, or up 5%-10%, which Ho said he will maintain for now. His preferred semi capital equipment names are Applied Materials (AMAT), MKS Instruments (MKSI) and Ichor Holdings (ICHR), on all of which Ho has Buy ratings. Others in the space include Lam Research (LRCX), ASML (ASML), Teradyne (TER) and Kulicke & Soffa (KLIC).
11/20/18
CHLM
11/20/18
INITIATION
Target $30
CHLM
Buy
Kulicke & Soffa initiated with a Buy at Craig-Hallum
Craig-Hallum analyst Christian Schwab started Kulicke & Soffa with a Buy rating and $30 price target. The analyst notes that management believes the current business softness will be short term in nature, and revenues are expected to stabilize at current levels and accelerate meaningfully in the 2H of FY19. Schwab believes the company's significant cash balance and meaningful multi-year earnings potential create an attractive risk/reward.
11/20/18
DADA
11/20/18
NO CHANGE
Target $32
DADA
Buy
Kulicke & Soffa price target lowered to $32 from $35 at DA Davidson
DA Davidson analyst Thomas Diffely lowered his price target on Kulicke & Soffa to $32 and also lowered his FY19 EPS view to $1.70 from $2.25, saying the weakness in China is accentuating its seasonal dip. The analyst cites the trade war uncertainty impacting current activity levels in China, along with the continued oversupply of NAND memory, and the recent buildout in capacity based on several strong quarters of shipments. The analyst also keeps his Buy rating on Kulicke & Soffa longer term, saying its fundamentals should "remain strong in the emerging data driven economy" and sees the "seemingly insatiable thirst for data and the resulting proliferation of chips and sensors" continue to drive the company's core, unit driven, wire bonding business for some time.
ICHR Ichor Holdings
$24.35

-0.34 (-1.38%)

05/16/19
RILY
05/16/19
INITIATION
Target $32
RILY
Buy
Ichor Holdings initiated with a Buy at B. Riley FBR
B. Riley FBR analyst Craig Ellis started Ichor Holdings with a Buy rating and $32 price target.
05/16/19
05/16/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Jefferies starts 'underappreciated' Par Technology (PAR) with Buy rating. 2. Ichor Holdings (ICHR) initiated with a Buy at B. Riley FBR. 3. T2 Biosystems (TTOO) initiated with a Buy at Alliance Global Partners. 4. CV Sciences (CVSI) initiated with a Buy at Roth Capital. 5. Hillenbrand (HI) initiated with a Buy at Buckingham. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
07/08/19
DADA
07/08/19
DOWNGRADE
DADA
Neutral
Ichor Holdings downgraded to Neutral from Buy at DA Davidson
05/08/19
NORL
05/08/19
DOWNGRADE
Target $25
NORL
Market Perform
Ichor Holdings downgraded to Market Perform from Outperform at Northland
Northland analyst Gus Richard downgraded Ichor Holdings to Market Perform from Outperform but raised his price target on the shares to $25 from $22 following the company's Q1 report and Q2 guidance.
AMAT Applied Materials
$43.97

-0.7 (-1.57%)

07/08/19
KEYB
07/08/19
NO CHANGE
KEYB
Ambarella, Silicon Labs could be next as semiconductor M&A heats up, says KeyBanc
KeyBanc analyst John Vinh believes semiconductor M&A activity is starting to heat up again, and sees diversification into secular growth areas in IoT, automotive, and cloud, and increased scale and customer breadth, as key underlying deal drivers within the space. The analyst expects further consolidation to continue, but notes U.S./China political tensions and uncertainty regarding regulatory approvals could limit larger scale M&A. Companies that could be acquired next include Ambarella (AMBA) or Silicon Labs (SLAB), he contends, while expecting Broadcom (AVGO), Applied Materials (AMAT), Intel (INTC), NXP Semiconductors (NXPI), Skyworks (SWKS), Texas Instruments (TXN), and Xilinx (XLNX) to be the most acquisitive.
07/08/19
DADA
07/08/19
DOWNGRADE
DADA
Neutral
Applied Materials downgraded to Neutral from Buy at DA Davidson
07/02/19
CHLM
07/02/19
NO CHANGE
Target $50
CHLM
Buy
Craig-Hallum 'encouraged' by Applied Materials' acquisition of Kokusai Electric
Craig-Hallum analyst Christian Schwab is "encouraged" by Applied Materials' acquisition of Kokusai Electric, as it is expected to be immediately accretive to earnings and expands opportunities into batch as the company continues to broaden its product portfolio as the industry migrates to new structures and materials. The analyst believes the acquisition will strengthen Applied's presence in memory and expand into wafer batch processing, a segment of semiconductor capital equipment which has outpaced the growth of the broader WFE market. He reiterates a Buy rating and $50 price target on the shares.
07/02/19
STFL
07/02/19
NO CHANGE
Target $57
STFL
Buy
Applied doesn't 'need' to buy Kokusai, but can benefit from deal, says Stifel
After Applied Materials announced an agreement to acquire Kokusai Electric for $2.2B in cash, Stifel analyst Patrick Ho said he received several questions that cited Applied's "need" to acquire Kokusai, but he does not believe this is the right way to characterize the deal. Though he does not believe the acquisition displays any shortcomings of Applied or that the company "needs" Kokusai to grow its memory share, Ho does think the deal can help "accelerate" Applied's efforts to gain share. He keeps a Buy rating and $57 price target on Applied Materials shares.
AEIS Advanced Energy
$55.21

-0.13 (-0.23%)

05/15/19
SUSQ
05/15/19
UPGRADE
SUSQ
Positive
Advanced Energy upgraded to Positive from Neutral at Susquehanna
05/15/19
SUSQ
05/15/19
UPGRADE
Target $82
SUSQ
Positive
Susquehanna upgrades Advanced Energy to Positive on Applied Materials gains
As previously reported, Susquehanna analyst Mehdi Hosseini upgraded Advanced Energy (AEIS) to Positive from Neutral, stating that he believes the company is poised to benefit from market share gains made by its largest customer, Applied Materials (AMAT). As Hosseini told investors in his separate upgrade of Applied Materials to Positive, his recent checks suggest that the company has won "major" memory design wins that should help it regain lost share. He thinks Applied gaining memory share is "particularly positive" for Advanced's semi system business unit, the analyst stated. Hosseini raised his price target on Advanced Energy shares to $82 from $45.
07/08/19
DADA
07/08/19
DOWNGRADE
DADA
Neutral
Advanced Energy downgraded to Neutral from Buy at DA Davidson
05/15/19
05/15/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Westlake Chemical (WLK) upgraded to Buy from Neutral at Goldman Sachs with analyst Robert Koort saying the stock's 49% decline over the past year has created an opportunity to gain exposure to two commodity cycles that are bottoming, ethylene and chloralkali. 2. Zillow (ZG, Z) upgraded to Buy from Neutral at Guggenheim with analyst Jake Fuller saying its recent results prove that demand for Offers "is real" and he expects the company's Offers business to surpass its ad business by Q4 and generate greater than $1B of revenue in its first full year. 3. Chevron (CVX) upgraded to Conviction Buy from Buy at Goldman Sachs with analyst Neil Mehta saying Chevron's cash flow profile has positively inflected with the production contribution and capital spending roll-off from the startup of both the Gorgon and Wheatstone LNG projects. 4. Hess Corp. (HES) upgraded to Equalweight from Underweight at Capital One with analyst Phillips Johnston saying he reviewed his model post Q1 earnings and "massively" overhauled his Guyana production estimates. 5. Applied Materials (AMAT) and Advanced Energy (AEIS) upgraded to Positive from Neutral at Susquehanna. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

CECE

CECO Environmental

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AMID

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$5.24

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LJPC

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AJG

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KO

Coca-Cola

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CHMA

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DGX

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JBLU

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$18.96

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CNC

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TTS

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ZION

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ACAD

Acadia

$25.97

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09:00
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EFII

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DOOO

BRP Inc.

$33.47

-0.85 (-2.48%)

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FENG

Phoenix New Media

$2.69

-0.14 (-4.95%)

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VEND

Generation NEXT Franchise Brands

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  • 02

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DDAIF

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AMID

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KO

Coca-Cola

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REAL

RealReal

$24.84

0.69 (2.86%)

08:55
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  • 12

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T

AT&T

$32.14

-0.63 (-1.92%)

, AAPL

Apple

$207.21

4.59 (2.27%)

08:55
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Options
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AAPL

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Facebook

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LPSN

LivePerson

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  • 31

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WLDCF

ICC International Cannabis

$0.00

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, PFE

Pfizer

$42.83

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PFE

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$42.83

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BMY

Bristol-Myers

$42.77

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BIIB

Biogen

$232.46

1.26 (0.54%)

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FITB

Fifth Third

$27.84

-0.11 (-0.39%)

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NVS

Novartis

$94.05

0.47 (0.50%)

08:50
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Recommendations
Novartis analyst commentary at Argus »

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  • 23

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CE

Celanese

$105.66

-1.35 (-1.26%)

08:50
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07/23
08:50
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08:50
Recommendations
Celanese analyst commentary at Baird »

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  • 23

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NEOG

Neogen

$63.44

-0.58 (-0.91%)

08:46
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08:46
Earnings
Neogen reports Q4 EPS 30c, consensus 29c »

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