Barclays Maintains an 'Overweight' on Magnachip Semiconductor (MX); Foundry Softness Drives Weak Q3 Guide

Barclays maintains an 'Overweight' on Magnachip Semiconductor (NYSE: MX) price target lowered from $18 to $16.

Barclays analyst says, "MagnaChip reported June results ahead of consensus but guided September flattish at the mid point vs normal mid-to-high single seasonality, as end customers (especially foundry), facing an uncertain macro consumer demand environment, adjust inventory levels, offsetting otherwise healthy trends in display and power driven by share gains...Adjust our CY11/12 Estimates Lower and PT to $16: We now model Q3 at $203M/$0.40 (cons $219M/$0.76), CY11E of $790M/$1.75 (cons $815M/$2.24) and CY12E of $835M/$2.00 (cons $891M/$2.75)."

For more ratings news on Magnachip Semiconductor click here and for the rating history of Magnachip Semiconductor click here.

Shares of Magnachip Semiconductor closed at $11.08 yesterday.

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