Canaccord Genuity on Semi Devices: Taiwan Takeaways - Reversing Cautious Stance Held Since Late May
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Rating Summary:
53 Buy, 16 Hold, 2 Sell
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Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
53 Buy, 16 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity on Semi Devices and Related Technologies - Taiwan Takeaways: Reversing Cautious Stance Held Since Late May by Bobby Burleson
Burleson said, "We are positive on semiconductors following a visit with the Taiwan supply chain last week. While negative data points are likely to persist for PCs and analog IC, a recovery for fabless IC and handsets appears to be underway, and there are several high quality analog names trading at attractive valuations. We would be buyers of AMD (NYSE: AMD) and NVIDIA (Nasdaq: NVDA) as share gains may offset flat PC trends. We also like Analog Devices (NYSE: ADI) on inexpensive valuation and low PC exposure (although analog demand is soft and a number cut may loom). We believe Atmel (Nasdaq: ATML) is attractive considering valuation, conservative tablet expectations and broadening demand for touch. We would remain on the sidelines for Intel (Nasdaq: INTC) where we expect price cuts to bolster opportunities for ultrabooks ahead of Win8/ARM competition. Fairchild (NYSE: FCS) also warrants caution in our view, given inventory correction for discretes may weigh on gross margins and revenues through the remainder of 2011."
Burleson said, "We are positive on semiconductors following a visit with the Taiwan supply chain last week. While negative data points are likely to persist for PCs and analog IC, a recovery for fabless IC and handsets appears to be underway, and there are several high quality analog names trading at attractive valuations. We would be buyers of AMD (NYSE: AMD) and NVIDIA (Nasdaq: NVDA) as share gains may offset flat PC trends. We also like Analog Devices (NYSE: ADI) on inexpensive valuation and low PC exposure (although analog demand is soft and a number cut may loom). We believe Atmel (Nasdaq: ATML) is attractive considering valuation, conservative tablet expectations and broadening demand for touch. We would remain on the sidelines for Intel (Nasdaq: INTC) where we expect price cuts to bolster opportunities for ultrabooks ahead of Win8/ARM competition. Fairchild (NYSE: FCS) also warrants caution in our view, given inventory correction for discretes may weigh on gross margins and revenues through the remainder of 2011."
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