BofA Analyst Cuts Price Target for AMD, Re-Rates Semiconductor Companies

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BofA Analyst Cuts Price Target for AMD, Re-Rates Semiconductor Companies

Markets Insider2023-07-19

BofA analyst Vivek Arya sees Q2 for U.S. semiconductor companies in line and modestly below Q3 on lukewarm macro, but CY24 EPS recovery could sustain longer-term stock momentum.The analyst upgraded ...

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It reflected increasing advanced packaging penetration and continued WFE outgrowth.CAMT is a semiconductor manufacturing equipment supplier highly exposed to some of the fastest-growing end markets in the space, including advanced packaging (~60% of sales) and compound semiconductors (~15% of sales). Given increased exposure to the above growth markets, the analyst sees potential for multiple re-rating toward larger front-end peers.Arya downgraded Coherent Corp (NYSE:COHR), raising the price target to $55 from $42 and MACOM Technology Solutions Holdings, Inc (NASDAQ:MTSI) to Neutral from Buy, raising the price target from $64 to $72, and Lumentum Holdings Inc (NASDAQ: LITE) to Underperform from Neutral with a price target of $50 on sluggish telco capex, stretched valuation and overstated AI benefits.Cloud, cars, and complexity emerged as top themes, with top Buy-rated picks including Nvidia Corp (NASDAQ:NVDA), Broadcom Inc (NASDAQ:AVGO), Marvell Technology, Inc (NASDAQ:MRVL), ON Semiconductor Corp (NASDAQ: ON), NXP Semiconductors N.V.  (NASDAQ:NXPI), Applied Materials, Inc (NASDAQ:AMAT), Cadence Design Systems, Inc (NASDAQ: CDNS), Synopsys, Inc (NASDAQ: SNPS).Excluding product cycle themes in cloud/AI and cars/EV (electric vehicles), the analyst remained lukewarm on second-half semiconductor demand heading into earnings. The analyst sees in line Q2 and in line/modestly below expectations Q3 outlook in consumer (phones/PC), enterprise, telco, and industrial due to the lack of China stimulus and inflation/rates-induced deceleration in the U.S./Europe.The analyst raised estimates and price targets for NVDA to $550 from $500, with CY24 EPS at $11.05 (vs. $10.01 prior) and CY27E EPS power of $22 (vs. $20 earlier).The analyst also raised his price targets for MRVL to $80 from $75 and th leading EV vendor ON to $120 from $110 and complexity stocks (semicap/test/design automation).The analyst reduced Advanced Micro Devices, Inc's (NASDAQ:AMD) price target to $130 from $135 as NVDA's full-stack AI platform will pressure AMD data center GPU market share upside (alongside side risks in CPU market cannibalization).","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":9,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}