Barclays on Semiconductor and Equipment: Bullish on MD/DRAM and TXN's Mid-Qtr Preview
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Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
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Barclays on Semiconductor and Equipment: Bullish on MD/DRAM and TXN's Mid-Qtr Preview
Analyst, C.J. Muse, said, "The SOX rallied ~6% last week, with investor's focus moving from de-risking mode to searching for a bottom. While volatility will likely continue, we view risk/reward as compelling at current levels and believe there is meaningful upside for shares once we see macro-stabilization/vision to seasonal 2H. Our top ideas remain leverage to Apple (Nasdaq: AAPL) (Qualcomm (Nasdaq: QCOM), Broadcom (Nasdaq: BRCM), Skyworks (Nasdaq: SWKS), Avago (Nasdaq: AVGO)), 2H recovery in comm infrastructure (Altera (Nasdaq: ALTR), Cavium (Nasdaq: CAVM)), relative valuation/secular growth in analog (NXPI), and DRAM consolidation (Micron (NYSE: MU)). In SPE, we prefer Teradyne (NYSE: TER) (mobility), and ASML (Nasdaq: ASML)/Cymer (Nasdaq: CYMI) (tight litho/Intel 14nm/secular story)."
On the mid-quarter update, Muse expects Texas Instruments (NYSE: TXN) narrow guidance around the mid-point range. He expects $0.42 and $3.35 billion.
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Analyst, C.J. Muse, said, "The SOX rallied ~6% last week, with investor's focus moving from de-risking mode to searching for a bottom. While volatility will likely continue, we view risk/reward as compelling at current levels and believe there is meaningful upside for shares once we see macro-stabilization/vision to seasonal 2H. Our top ideas remain leverage to Apple (Nasdaq: AAPL) (Qualcomm (Nasdaq: QCOM), Broadcom (Nasdaq: BRCM), Skyworks (Nasdaq: SWKS), Avago (Nasdaq: AVGO)), 2H recovery in comm infrastructure (Altera (Nasdaq: ALTR), Cavium (Nasdaq: CAVM)), relative valuation/secular growth in analog (NXPI), and DRAM consolidation (Micron (NYSE: MU)). In SPE, we prefer Teradyne (NYSE: TER) (mobility), and ASML (Nasdaq: ASML)/Cymer (Nasdaq: CYMI) (tight litho/Intel 14nm/secular story)."
On the mid-quarter update, Muse expects Texas Instruments (NYSE: TXN) narrow guidance around the mid-point range. He expects $0.42 and $3.35 billion.
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