Qorvo Upgraded at Morgan Stanley; Firm Cuts Qualcomm, Lam Research

Seekingalpha2023-12-11

Investment firm Morgan Stanley made several ratings changes to the semiconductor space on Friday, upgrading Qorvo (NASDAQ: QRVO), while downgrading Qualcomm (NASDAQ: QCOM) and Lam Research (NASDAQ: ...

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nywles
2023-12-11
nywles
Thanks

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It has a BUY rating from Seeking Alpha authors, while Wall Street analysts rate it a HOLD. Conversely, Seeking Alpha's quant system, which consistently beats the market, rates QRVO a STRONG BUY.Conversely, Moore downgraded Qualcomm (QCOM) to equal-weight from overweight, noting that the company's \"strong execution\" over the past two to three years has helped it gain market share and pricing, which can create a \"tough bar going forward.\"Moore also noted that Qualcomm (QCOM) has performed well with \"material content gains\" in 5G, a higher-than-expected share inside Samsung (OTCPK: SSNLF) devices and has kept its Apple (AAPL) business longer than expected. However, it could see \"material loss\" in Samsung this year, which is likely to keep earnings growth \"muted.\"Analysts are largely cautious on Qualcomm (QCOM). It has a HOLD rating from Seeking Alpha authors, while Wall Street analysts rate it a BUY. Conversely, Seeking Alpha's quant system, which consistently beats the market, rates QCOM a HOLD.Moore also downgraded Lam Research (LRCX) to equal-weight from overweight and said that while it expects the semiconductor equipment company to outgross overall wafer fab equipment levels, any recovery in the memory market may \"dampen hope\" about a V-shaped recovery and limit margins.Moore also pointed out that Lam Research (LRCX) currently trades at the higher-end of its 10 year historical range, which is likely to limit any upside in its earnings multiple.Analysts are largely bullish on Lam Research (LRCX). It has a BUY rating from Seeking Alpha authors, while Wall Street analysts rate it a BUY. 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