Citi Issues Mid-Quarter Update on Semiconductors - Reduces Estimates on Nine Companies
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Citi reduces estimates on nine companies in Semiconductor industry - Altera (Nasdaq: ALTR), Advanced Micro (NYSE: AMD), Integrated Device Technology (Nasdaq: IDTI), Infineon Technologies (NYSE: IFX), NVIDIA (Nasdaq: NVDA), QUALCOMM (Nasdaq: QCOM), STMicro (NYSE: STM), Texas Instruments (NYSE: TXN), and Xilinx (Nasdaq: XLNX).
Citi analyst says, "Our estimates now reflect -9.5%/-12.8% revenue/EPS growth for 2009, below consensus (-6.2%/-7.7%). Our price targets are lowered in accordance with this, although no ratings are changed. Our cuts reflect poor end demand, inventory reductions, and an absence of credit in the supply chain that conspired to make October particularly difficult for chipmakers...We caution against overt optimism and would read this as "it couldn't get any worse," versus "it's getting better."...Buy the Dips — While stocks have been under pressure with the market since our 11/3/08 sector upgrade, we stand by our view that investors should be looking to "buy the dips," not "sell the rallies," in the group. We are increasingly encouraged by the "estimate capitulation" that is evident in semiconductors and believe that as the technology returns disaggregate, semis are poised to outperform as a result. Our Buy List remains: NVDA, QCOM, ALTR, TXN, STM and IDTI."
Infineon Technologies AG is a semiconductor company. [SM]
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