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Fly News Breaks for July 11, 2019
Jul 11, 2019 | 07:57 EDT
After Vishay (VSH) pre-announced June quarter sales and gross margins that came below its previous guidance, citing weaker demand, primarily from distribution, Stifel analyst Matthew Sheerin said he thinks the news "should come as no surprise to investors" considering the recent negative tone from several component suppliers and distributors. However, the magnitude of Vishay's miss reflects a deeper correction and increased pricing pressure, said Sheerin, who thinks the correction could last well into the first half 2020. Given the warning, he lowered his estimates and cut his price target on Vishay shares to $15 from $18 and keeps a Hold rating on the stock. Sheerin added that he sees risks to estimates for a number of component suppliers, particularly those with high exposure to distribution, such as AVX (AVX), Kemet (KEM) and Littelfuse (LFUS), and to distributors Arrow Electronics (ARW) and Avnet (AVT).
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