Roth Takes An Ax to the Semi Group: Downgrades BRCM, CAVM, NETL, POWI, ATHR, MPWR, VLTR, Lowers Targets on INTC, QCOM, MRVL, SLAB

An analyst at Roth Capital has lowered estimates, price targets and ratings on a number of stocks in the Semi group this morning.

The firm believes that Q2 within the Semi sector will be the last to show an upswing, given expectations that business will slow during the second half of this year. Roth cites: operating margins which are now at or above historical highs and a lack of substantial inventory build-up.

The firm made the following changes:

• downgraded Broadcom (Nasdaq: BRCM) from Buy to Hold and lowered the stock's price target from $44 to $31
  
• downgraded Cavium Networks (Nasdaq: CAVM) from Buy to Hold, price target lowered from $36 to $25
  
• downgraded NetLogic (Nasdaq: NETL) from Buy to Hold, price target lowered from $36 to $29
  
• downgraded Power Integrations (Nasdaq: POWI) from Buy to Hold, target lowered from $47 to $34
  
• downgraded Atheros Communications (Nasdaq: ATHR) from Buy to Hold, target lowered from $48 to $35
  
• downgraded Monolithic Power (Nasdaq: MPWR) from Buy to Hold, target lowered from $48 to $35
  
• downgraded Volterra Semi (Nasdaq: VLTR) from Buy to Hold, target lowered from $35 to $22
  
  
• price target on Intel (Nasdaq: INTC) lowered from $26 to $22, maintains Hold
  
• price target on QUALCOMM (Nasdaq: QCOM) lowered from $42 to $37, maintains Hold
  
• price target on Marvell (Nasdaq: MRVL) lowered from $21 to $19, maintains Hold
  
• price target on Silicon Labs (Nasdaq: SLAB) lowered from $50 to $45, maintains Hold

Notably, this Roth analyst only maintained both his rating and price target on one stock he covers: NVIDIA (Nasdaq: NVDA), which Buy-rated with a $19 target.

With only minutes left in the pre-market session, the Semiconductor HOLDRs ETF (NYSE: SMH) is down 0.44%. These sector/industry-specific ETF's are often a great way to get a quick-and-easy look at a broad sector.

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