Barclays on Semiconductors and Equipment: Top Picks Remain QCOM, BRCM, MU, TER, ASML, CYMI
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Price: $160.75 +0.01%
Rating Summary:
25 Buy, 33 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
25 Buy, 33 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Barclays on Semiconductors and Equipment: Bottoming Process Priced In
Analyst, C. J. Muse, said, "We maintain our positive stance on Semis, though do view the "bottoming process" as now nearly fully priced in (SOX +15% YTD vs. S&P 500 +7%) with shares now dependent on end demand and rate of 2H recovery. Considering our more gradual growth outlook for 2012, we look for investors to soon focus more closely on stock selection and relative valuation. Our top picks remain Qualcomm (Nasdaq: QCOM) (mobility/silicon integration), Broadcom (Nasdaq: BRCM) (NETL/802.11ac/10GigE), and Micron (NYSE: MU) (DRAM consolidation/underappreciated NAND) in semis and Teradyne (NYSE: TER) (Mobility/Valuation), and ASML Inc (Nasdaq: ASML)/ Cymer (Nasdaq: CYMI) (EUV/Rising Litho Intensity/Intel pickup in 2H12) in semi equipment."
"Earnings continue with reports from NVIDIA (Nasdaq: NVDA) and Applied Materials (Nasdaq: AMAT). For NVDA, we expect slightly lower rev/EPS guide for the April Q but that will represent a bottom. For AMAT, we see incremental upside though view ongoing weakness in EES/Display as headwind relative to other front end equipment names."
Analyst, C. J. Muse, said, "We maintain our positive stance on Semis, though do view the "bottoming process" as now nearly fully priced in (SOX +15% YTD vs. S&P 500 +7%) with shares now dependent on end demand and rate of 2H recovery. Considering our more gradual growth outlook for 2012, we look for investors to soon focus more closely on stock selection and relative valuation. Our top picks remain Qualcomm (Nasdaq: QCOM) (mobility/silicon integration), Broadcom (Nasdaq: BRCM) (NETL/802.11ac/10GigE), and Micron (NYSE: MU) (DRAM consolidation/underappreciated NAND) in semis and Teradyne (NYSE: TER) (Mobility/Valuation), and ASML Inc (Nasdaq: ASML)/ Cymer (Nasdaq: CYMI) (EUV/Rising Litho Intensity/Intel pickup in 2H12) in semi equipment."
"Earnings continue with reports from NVIDIA (Nasdaq: NVDA) and Applied Materials (Nasdaq: AMAT). For NVDA, we expect slightly lower rev/EPS guide for the April Q but that will represent a bottom. For AMAT, we see incremental upside though view ongoing weakness in EES/Display as headwind relative to other front end equipment names."
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