Barclays on Technology: Barclays Tech Conference - Day 2 Recap
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Price: $174.19 -0.35%
Rating Summary:
18 Buy, 23 Hold, 6 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
Rating Summary:
18 Buy, 23 Hold, 6 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
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Barclays on Technology: Barclays Tech Conference - Day 2 Recap
Analyst, C.J. Muse, said, "Clearly, Texas Instuments (NYSE: TXN) / Altera (Nasdaq: ALTR) comments are a setback for the group, and reinforce our confidence that SPE and smartphone leveraged semis should outperform over the near term (i.e. QUALCOMM (Nasdaq: QCOM), Broadcom (Nasdaq: BRCM), Teradyne (NYSE: TER), Lam Research (Nasdaq: LRCX), Skyworks (Nasdaq: SWKS), Atmel (Nasdaq: ATML)). But into 2012, we reiterate our positive view on semis, with our top picks in semis remaining QCOM, Intel (Nasdaq: INTC), ALTR, SWKS, Avago (Nasdaq: AVGO), and ATML, and LRCX and TER in semi equipment. Yesterday, we hosted presentations from leading semiconductor/SPE companies including in comm (ALTR, including a mid-Q update, IDT Corp (Nasdaq: IDTI), Volterra (Nasdaq: VLTR), Cypress Semi (Nasdaq: CY), Entropic (Nasdaq: ENTR)); analog (Freescale (NYSE: FSL) + Texas Instuments (NYSE: TXN) mid-Q update); and SPE (ASML (Nasdaq: ASML), LRCX, TER, LTXC, Brooks (Nasdaq: BRKS)). Below we highlight our key takeaways:
1) Comm/Industrial - Negative Updates from TXN/ALTR Weigh on Outlook; 2) Analog - FSL Continues to Point to 1Q12 Trough: Supported by comments from FSL as well as negative commentary from TXN, we continue to see one more cut for analog (consensus modeling +1% Q/Q vs. typical seasonality of -4%); 3) Communications - Broad Softness, CY Believes Weakness Continues into Q1: Comm names echoed continued softness (particularly in wireless infrastructure) with very low visibility; and 4) SPE - Test at Trough, Front End Commentary Incrementally Better: With
presentations today from front end companies LRCX, ASML, and BRKS, and back end companies TER and LTXC, the general takeaway was that business fundamentals are bottoming.
Analyst, C.J. Muse, said, "Clearly, Texas Instuments (NYSE: TXN) / Altera (Nasdaq: ALTR) comments are a setback for the group, and reinforce our confidence that SPE and smartphone leveraged semis should outperform over the near term (i.e. QUALCOMM (Nasdaq: QCOM), Broadcom (Nasdaq: BRCM), Teradyne (NYSE: TER), Lam Research (Nasdaq: LRCX), Skyworks (Nasdaq: SWKS), Atmel (Nasdaq: ATML)). But into 2012, we reiterate our positive view on semis, with our top picks in semis remaining QCOM, Intel (Nasdaq: INTC), ALTR, SWKS, Avago (Nasdaq: AVGO), and ATML, and LRCX and TER in semi equipment. Yesterday, we hosted presentations from leading semiconductor/SPE companies including in comm (ALTR, including a mid-Q update, IDT Corp (Nasdaq: IDTI), Volterra (Nasdaq: VLTR), Cypress Semi (Nasdaq: CY), Entropic (Nasdaq: ENTR)); analog (Freescale (NYSE: FSL) + Texas Instuments (NYSE: TXN) mid-Q update); and SPE (ASML (Nasdaq: ASML), LRCX, TER, LTXC, Brooks (Nasdaq: BRKS)). Below we highlight our key takeaways:
1) Comm/Industrial - Negative Updates from TXN/ALTR Weigh on Outlook; 2) Analog - FSL Continues to Point to 1Q12 Trough: Supported by comments from FSL as well as negative commentary from TXN, we continue to see one more cut for analog (consensus modeling +1% Q/Q vs. typical seasonality of -4%); 3) Communications - Broad Softness, CY Believes Weakness Continues into Q1: Comm names echoed continued softness (particularly in wireless infrastructure) with very low visibility; and 4) SPE - Test at Trough, Front End Commentary Incrementally Better: With
presentations today from front end companies LRCX, ASML, and BRKS, and back end companies TER and LTXC, the general takeaway was that business fundamentals are bottoming.
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