Jefferies Mostly Bearish on Semiconductor Sector: Downgrades 11 Stocks, Upgrades 2 (INTC, AMD, TXN, BRCM, QCOM, more)

Analysts at Jefferies & Co. made a sector-wide call on the Semiconductor space this morning.

The firm called the following stocks among their favorite picks in the industry:

• Broadcom (Nasdaq: BRCM) - maintains a Buy rating and $20 price target
  
• NetLogic (Nasdaq: NETL) - maintains a Buy rating and $28 price target
  
• Qualcomm (Nasdaq: QCOM) - reiterates its Buy rating but lowers its price target from $45 to $39
  
• Silicon Labs (Nasdaq: SLAB) - maintains its Buy rating but lowers its price target from $30 to $28
  
• Xilinx (Nasdaq: XLNX) - upgrades the stock from Underperform to Buy and also raises its price target from $17 to $22

Upgrades

• Altera (Nasdaq: ALTR) from Underperform to Hold, raises price target from $16 to $17

Downgrades
from Buy to Hold:

• Atheros Communications (Nasdaq: ATHR) cuts price target from $28 to $14
  
• Mellanox (Nasdaq: MLNX) cuts price target from $9 to $7.50
  
• Intellon (Nasdaq: ITLN) cuts price target from $5 to $3
  
• Conexant Systems (Nasdaq: CNXT) cuts price target from $5 to $1

from Hold to Underperform:

• Advanced Micro Devices (NYSE: AMD) cuts price target from $4.50 to $1
  
• Texas Instruments (NYSE: TXN) cuts price target from $20 to $10
  
• Intersil (Nasdaq: ISIL) cuts price target from $13.50 to $7
  
• Cypress Semiconductor (NYSE: CY) cuts price target from $3.50 to $3
  
• National Semiconductor (NYSE: NSM) cuts price target from $20 to $5
  
• Silicon Image (Nasdaq: SIMG) cuts price target from $4 to $2.50

from Buy to Underperform:

• Intel (Nasdaq: INTC) cuts price target from $26 to $11

The sector is generally moving lower with the broader markets today. The Semiconductor HOLDR's ETF (NYSE: SMH), which can be used as a good indicator of the sector, is down about 3.6% today.

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