Barclays Upgrades INTC, CODE, CYMI, ALTR to Overweight, Downgrades NVDA, MU, ADI, XLNX to Equalweight

In the Semiconductor sector Thursday morning, Barclay's CJ Muse revised a number of investment ratings on the following stocks:

• upgraded Intel (Nasdaq: INTC) from Equalweight to Overweight, $26 price target maintained
  
• upgraded Spansion (Nasdaq: CODE) from Equalweight to Overweight, price target raised from $22 to $25
  
• upgraded Cymer (Nasdaq: CYMI) from Equalweight to Overweight, $42 price target maintained
  
• upgraded Altera (Nasdaq: ALTR) from Equalweight to Overweight, $46 price target maintained
  
• downgraded NVIDIA (Nasdaq: NVDA) from Overweight to Equalweight, price target from $26 to $14
  
• downgraded Micron (NYSE: MU) from Overweight to Equalweight, price target from $14 to $9
  
• downgraded Analog Devices (NYSE: ADI) from Overweight to Equalweight, price target from $44 to $36
  
• downgraded Xilinx (Nasdaq: XLNX) from Overweight to Equalweight, $36 price target maintained

The analyst believes investors should begin to look at the group and maybe dip a toe in. Muse says a top-down model suggests the sector will grow by about 4 percent this year and by about 7 percent next year.

About an hour ahead of Thursday's opening bell, the Semiconductor HOLDRs ETF (NYSE: SMH) is up 0.4 percent.

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