TechTarget Inc (NASDAQ: TTGT), Harmonic (NASDAQ: HLIT), The Hanover Insurance Group, Inc. (NYSE: THG), ICON plc (NASDAQ: ICLR), Sun Communities Inc (NYSE: SUI) and International Rectifier (NYSE: IRF) getting new analyst coverage.
Robert W. Baird initiated coverage on TechTarget Inc. (TTGT). They placed an “Outperform” rating and a price target of $8.00 on the company.
ThinkEquity initiated coverage on Harmonic (HLIT). They placed a “Hold” rating on the company.
Sterne Agee initiated coverage on The Hanover Insurance Group, Inc. (THG). They placed a “Buy” rating and a price target of $44.00 on the company.
BB&T (NYSE:BBT) initiated coverage on ICON plc (ICLR). They placed a “Hold” rating on the company.
Ladenburg Thalmann initiated coverage on Sun Communities Inc. (SUI). They placed a “Buy” rating and a price target of $43.00 on the company.
The Benchmark Company initiated coverage on International Rectifier (IRF). They placed a “Buy” rating and a price target of $25.00 on the company.
Showing posts with label International Rectifier. Show all posts
Showing posts with label International Rectifier. Show all posts
Thursday, August 25, 2011
Friday, August 19, 2011
Parkway (PKY) (GM) (IRF) (JDSU) (PBR) (LEA) (NWL) Price Targets Changed
Parkway Properties (NYSE: PKY), General Motors (NYSE: GM), International Rectifier (NYSE: IRF), JDS Uniphase Co. (NASDAQ: JDSU), Petroleo Brasileiro SA (NYSE: PBR), Lear Co. (NYSE: LEA) and Newell Rubbermaid (NYSE: NWL) price targets adjusted by analysts.
Parkway Properties (PKY) had its price target lowered by Robert W. Baird from $19.00 to $16.00. They have a “Neutral” rating on the company.
General Motors (GM) had its price target lowered by Barclays Capital from $40.00 to $38.00. They have an “Overweight” rating on the company.
International Rectifier (IRF) had its price target lowered by FBR Capital from $34.00 to $31.00. They have an “Outperform” rating on the company.
JDS Uniphase Co. (JDSU) had its price target lowered by Stifel Nicolaus from $28.00 to $23.00. They have a “Buy” rating on the company.
Petroleo Brasileiro SA (PBR) had its price target lowered by Barclays Capital from $53.00 to $43.00. They have an “Overweight” rating on the company.
Lear Co. (LEA) had its price target lowered by Barclays Capital from $67.00 to $64.00. They have an “Overweight” rating on the company.
Newell Rubbermaid (NWL) had its price target lowered by Citigroup (NYSE:C) to $18.00. They have a “Buy” rating on the company.
Parkway Properties (PKY) had its price target lowered by Robert W. Baird from $19.00 to $16.00. They have a “Neutral” rating on the company.
General Motors (GM) had its price target lowered by Barclays Capital from $40.00 to $38.00. They have an “Overweight” rating on the company.
International Rectifier (IRF) had its price target lowered by FBR Capital from $34.00 to $31.00. They have an “Outperform” rating on the company.
JDS Uniphase Co. (JDSU) had its price target lowered by Stifel Nicolaus from $28.00 to $23.00. They have a “Buy” rating on the company.
Petroleo Brasileiro SA (PBR) had its price target lowered by Barclays Capital from $53.00 to $43.00. They have an “Overweight” rating on the company.
Lear Co. (LEA) had its price target lowered by Barclays Capital from $67.00 to $64.00. They have an “Overweight” rating on the company.
Newell Rubbermaid (NWL) had its price target lowered by Citigroup (NYSE:C) to $18.00. They have a “Buy” rating on the company.
Petsmart (PETM) (HIG) (IRF) (NOV) EPS Estimates Changed
Petsmart Inc (NASDAQ: PETM), Hartford Financial (NYSE: HIG), International Rectifier (NYSE: IRF) and National-Oilwell Varco, Inc. (NYSE: NOV) EPS estimates adjusted by analysts.
UBS AG (UBS) boosted its EPS estimates on Petsmart Inc. (PETM). They have a “Buy” rating and a price target of $52.00 on the company.
Morgan Stanley (NYSE:MS) lowered its EPS estimates on Hartford Financial (HIG). They have an “Equal Weight” rating on the company.
Goldman Sachs (NYSE:GS) cuts its EPS estimates on International Rectifier (IRF). They have a “Neutral” rating and a price target of $23.00 on the company.
Credit Suisse (NYSE:CS) raised its EPS estimates on National-Oilwell Varco, Inc. (NOV). They have an “Outperform” rating and a price target of $95.00 on the company.
UBS AG (UBS) boosted its EPS estimates on Petsmart Inc. (PETM). They have a “Buy” rating and a price target of $52.00 on the company.
Morgan Stanley (NYSE:MS) lowered its EPS estimates on Hartford Financial (HIG). They have an “Equal Weight” rating on the company.
Goldman Sachs (NYSE:GS) cuts its EPS estimates on International Rectifier (IRF). They have a “Neutral” rating and a price target of $23.00 on the company.
Credit Suisse (NYSE:CS) raised its EPS estimates on National-Oilwell Varco, Inc. (NOV). They have an “Outperform” rating and a price target of $95.00 on the company.
Tuesday, August 2, 2011
Veolia (VE) (SUNH) (NHC) (BCSI) (FIG) (IRF) Downgraded
Veolia Environnement (NYSE: VE), Sun Healthcare Group, Inc. (NASDAQ: SUNH), National HealthCare Co. (NYSE: NHC), Blue Coat (NASDAQ: BCSI), Fortress Investment Group LLC (NYSE: FIG) and International Rectifier (NYSE: IRF) were downgraded by analysts.
Veolia Environnement (VE) was downgraded by Goldman Sachs (NYSE:GS) from a “Buy” rating to a “Neutral” rating.
Sun Healthcare Group, Inc. (SUNH) was downgraded by Oppenheimer from an “Outperform” rating to an “Underperform” rating.
National HealthCare Co. (NHC) was downgraded by Morgan Keegan from an “Outperform” rating to a “Market Perform” rating. They have a price target of $41.00 on the company, down from $55.00.
Blue Coat (BCSI) was downgraded by Lazard Capital from a “Buy” rating to a “Neutral” rating.
Fortress Investment Group LLC (FIG) was downgraded by Keefe, Bruyette & Woods, Inc from an “Outperform” rating to a “Market Perform” rating.
International Rectifier (IRF) was downgraded by JMP Securities from an “Outperform” rating to a “Market Perform” rating.
Veolia Environnement (VE) was downgraded by Goldman Sachs (NYSE:GS) from a “Buy” rating to a “Neutral” rating.
Sun Healthcare Group, Inc. (SUNH) was downgraded by Oppenheimer from an “Outperform” rating to an “Underperform” rating.
National HealthCare Co. (NHC) was downgraded by Morgan Keegan from an “Outperform” rating to a “Market Perform” rating. They have a price target of $41.00 on the company, down from $55.00.
Blue Coat (BCSI) was downgraded by Lazard Capital from a “Buy” rating to a “Neutral” rating.
Fortress Investment Group LLC (FIG) was downgraded by Keefe, Bruyette & Woods, Inc from an “Outperform” rating to a “Market Perform” rating.
International Rectifier (IRF) was downgraded by JMP Securities from an “Outperform” rating to a “Market Perform” rating.
Tuesday, May 3, 2011
EPS on (APC) (CHK) (DISH) (EMN) (IRF) (NSC) Raised by Analysts
Earnings per share on Anadarko Petroleum (NYSE: APC), Chesapeake Energy (NYSE: CHK), DISH (NASDAQ: DISH), Eastman Chemical Co (NYSE: EMN), International Rectifier (NYSE: IRF) and Norfolk Southern Corp. (NYSE: NSC) were all boosted by analysts today.
UBS AG (NYSE:UBS) raised their EPS estimate on Anadarko Petroleum (APC). They have a “buy” rating and a price target of $98.00 on the company.
UBS AG raised their EPS estimate on Chesapeake Energy (CHK). They have a “neutral” rating and a price target of $34.00 on the company.
UBS AG raised their EPS estimate on DISH (DISH). They have a “neutral” rating and a price target of $33.00.
Morgan Stanley (NYSE:MS) raised their EPS estimate on Eastman Chemical Co (EMN). They have an “overweight” rating and a price target of $124.00 on the company.
Goldman Sachs (NYSE:GS) raised their EPS estimate on Intl Rectifier (IRF). They have a “neutral” rating and a price target of $34.00 on the company.
UBS AG raised their EPS estimate on Norfolk Southern Corp. (NSC). They have a “neutral” rating and a price target of $78.00 on the company.
UBS AG (NYSE:UBS) raised their EPS estimate on Anadarko Petroleum (APC). They have a “buy” rating and a price target of $98.00 on the company.
UBS AG raised their EPS estimate on Chesapeake Energy (CHK). They have a “neutral” rating and a price target of $34.00 on the company.
UBS AG raised their EPS estimate on DISH (DISH). They have a “neutral” rating and a price target of $33.00.
Morgan Stanley (NYSE:MS) raised their EPS estimate on Eastman Chemical Co (EMN). They have an “overweight” rating and a price target of $124.00 on the company.
Goldman Sachs (NYSE:GS) raised their EPS estimate on Intl Rectifier (IRF). They have a “neutral” rating and a price target of $34.00 on the company.
UBS AG raised their EPS estimate on Norfolk Southern Corp. (NSC). They have a “neutral” rating and a price target of $78.00 on the company.
Thursday, January 20, 2011
Fairchild Semi (NYSE:FCS), ON Semi (Nasdaq:ONNN), Intl Rectifier (NYSE:IRF) Still Attractive to FBR
Saying they remain constructive on the overall discretes sector, with a focus on Fairchild Semi (NYSE:FCS), ON Semi (Nasdaq:ONNN) and Intl Rectifier (NYSE:IRF), FBR doesn't see the inventory narrative as having as big as impact on the three as some believe.
FBR says, "We remain constructive on shares of FCS and the entire discretes sector as industry consolidation and improving mix initiatives should continue to benefit FCS, ON Semi (Nasdaq:ONNN), Intl Rectifier (NYSE:IRF), and others in coming years. While industry ship-ahead risks exist for all, including discrete and power management suppliers, we think valuations are still reasonably attractive versus normalized levels, and that any coming inventory correction will be very short lived as absolute inventory levels remain reasonably lean. For Fairchild specifically, we believe the firm’s mix-up story is happening and that the firm will achieve structurally higher margins in coming quarters and years given key customer exposure and improving product offering initiatives. Additionally, shares remain attractively priced, with prospects for meaningfully improved earnings power in 2012 and 2013. Finally, we think management could institute a share repurchase plan and/or a dividend plan in coming quarters, with the outside possibility that another chip firm or a private equity firm could make a bid for FCS given its very high free cash flow yield."
FBR Capital reiterates an "Outperform" rating on Fairchild Semi (FCS), which was trading at $16.05, down $0.68, or 4.06 percent, as of 1:29 PM EST. ON Semi was trading at $11.02, losing $0.20, or 1.78 percent. Intl Rectifier was at $30.04, down $0.75, or 2.44 percent.
FBR says, "We remain constructive on shares of FCS and the entire discretes sector as industry consolidation and improving mix initiatives should continue to benefit FCS, ON Semi (Nasdaq:ONNN), Intl Rectifier (NYSE:IRF), and others in coming years. While industry ship-ahead risks exist for all, including discrete and power management suppliers, we think valuations are still reasonably attractive versus normalized levels, and that any coming inventory correction will be very short lived as absolute inventory levels remain reasonably lean. For Fairchild specifically, we believe the firm’s mix-up story is happening and that the firm will achieve structurally higher margins in coming quarters and years given key customer exposure and improving product offering initiatives. Additionally, shares remain attractively priced, with prospects for meaningfully improved earnings power in 2012 and 2013. Finally, we think management could institute a share repurchase plan and/or a dividend plan in coming quarters, with the outside possibility that another chip firm or a private equity firm could make a bid for FCS given its very high free cash flow yield."
FBR Capital reiterates an "Outperform" rating on Fairchild Semi (FCS), which was trading at $16.05, down $0.68, or 4.06 percent, as of 1:29 PM EST. ON Semi was trading at $11.02, losing $0.20, or 1.78 percent. Intl Rectifier was at $30.04, down $0.75, or 2.44 percent.
Wednesday, January 19, 2011
Maxim (Nasdaq:MXIM), Marvell (Nasdaq:MRVL), ONNN (Nasdaq:ONNN), National Semi (NYSE:NSM), Fairchild (NYSE:FCS), Int'l Rectifier (NYSE:IRF), Microsemi (Nasdaq:MSCC), Broadcom (Nasdaq:BRCM) Have Most Semi Upside
With earnings reports from a number of semiconductor companies to be released next week, FBR focused on a number of companies in the sector, saying Maxim (Nasdaq:MXIM), Marvell (Nasdaq:MRVL), ON Semiconductor (Nasdaq:ONNN), National Semi (NYSE:NSM), Fairchild (NYSE:FCS), Int'l Rectifier (NYSE:IRF), Microsemi (Nasdaq:MSCC) and Broadcom (Nasdaq:BRCM) have the most upside potential of the group.
FBR says, "Several chip firms report earnings over the next week, including Linear Technology (Nasdaq:LLTC)(UP) Tuesday AMC, Fairchild Semi (FCS)(OP), Thursday BMO, Maxim Integrated (MXIM)(OP) Thursday AMC, AMD (NYSE: AMD)(MP) Thursday AMC, and Texas Instruments (NYSE: TXN)(OP) Monday AMC. For near-term focused investors, we think FCS and MXIM could see solid share price appreciation following beat and raise results, with TXN also possibly in that camp (though our conviction is slightly lower). While both MXIM and FCS have appreciated meaningfully in the near term, robust results and still-attractive stock valuations keep us favorable near term. For AMD, while the firm could post solid 1Q11 guidance, the departure of former CEO Dirk Meyer is likely to weigh on the stock and overshadow any near-term results until a full-time successor is found. For Linear, we think the firm's core business remains solid; however, several headwinds are present in the March quarter, including (1) a possible loss of one of its two iPad sockets (we estimate content going from $2 to $1) and some iPad seasonality in March, driving a roughly $10M revenue headwind in total (three revenue points), and (2) tougher comparisons against the firm's 14-week December quarter (about four revenue points). For Texas Instruments, we think the firm will report robust results and guidance, and the stock could possibly rally, though we prefer MXIM (growth) or NSM (value) versus TXN currently. Finally, for ON Semi (ONNN–OP), we are raising our 4Q10 revenue and EPS estimates slightly toward the high end of guidance, embedding Sanyo into our financial estimates, and raising our price target from $15 to $16."
"While the group could see some profit-taking following such a move higher, we do expect some beat and raise 4Q10 results and thus think any sell-off will be short term in nature and a likely buying opportunity for later in 2011. Our favorite stocks for upside include Maxim (Nasdaq: MXIM), Marvell (MRVL), ONNN, National Semi (NSM), Fairchild (FCS), Int'l Rectifier (IRF), Microsemi (MSCC), and Broadcom (BRCM)."
FBR says, "Several chip firms report earnings over the next week, including Linear Technology (Nasdaq:LLTC)(UP) Tuesday AMC, Fairchild Semi (FCS)(OP), Thursday BMO, Maxim Integrated (MXIM)(OP) Thursday AMC, AMD (NYSE: AMD)(MP) Thursday AMC, and Texas Instruments (NYSE: TXN)(OP) Monday AMC. For near-term focused investors, we think FCS and MXIM could see solid share price appreciation following beat and raise results, with TXN also possibly in that camp (though our conviction is slightly lower). While both MXIM and FCS have appreciated meaningfully in the near term, robust results and still-attractive stock valuations keep us favorable near term. For AMD, while the firm could post solid 1Q11 guidance, the departure of former CEO Dirk Meyer is likely to weigh on the stock and overshadow any near-term results until a full-time successor is found. For Linear, we think the firm's core business remains solid; however, several headwinds are present in the March quarter, including (1) a possible loss of one of its two iPad sockets (we estimate content going from $2 to $1) and some iPad seasonality in March, driving a roughly $10M revenue headwind in total (three revenue points), and (2) tougher comparisons against the firm's 14-week December quarter (about four revenue points). For Texas Instruments, we think the firm will report robust results and guidance, and the stock could possibly rally, though we prefer MXIM (growth) or NSM (value) versus TXN currently. Finally, for ON Semi (ONNN–OP), we are raising our 4Q10 revenue and EPS estimates slightly toward the high end of guidance, embedding Sanyo into our financial estimates, and raising our price target from $15 to $16."
"While the group could see some profit-taking following such a move higher, we do expect some beat and raise 4Q10 results and thus think any sell-off will be short term in nature and a likely buying opportunity for later in 2011. Our favorite stocks for upside include Maxim (Nasdaq: MXIM), Marvell (MRVL), ONNN, National Semi (NSM), Fairchild (FCS), Int'l Rectifier (IRF), Microsemi (MSCC), and Broadcom (BRCM)."
Thursday, January 13, 2011
Maxim (Nasdaq:MXIM), ON Semi (Nasdaq:ONNN), Marvell (Nasdaq:MRVL), Broadcom (Nasdaq:BRCM), National (NYSE:NSM), Fairchild (NYSE:FCS), Intl Rectifier (NYSE:IRF), Microsemi (Nasdaq:MSCC) Have Best Potential Upside Says FBR
Commenting on the semiconductor sector, FBR said the companies with the most potential upside in their view are Maxim (Nasdaq:MXIM), ON Semi (Nasdaq:ONNN), Marvell (Nasdaq:MRVL), Broadcom (Nasdaq:BRCM), National (NYSE:NSM), Fairchild (NYSE:FCS), Intl Rectifier (NYSE:IRF) and Microsemi (Nasdaq:MSCC)
FBR said, "Here we discuss Maxim Integrated (Nasdaq: MXIM)(Outperform) and our latest 1Q11 production start checks. Regarding Maxim, the firm has seen meaningful success ramping analog baseband chips into CDMA phones from Samsung and LG, phones usually powered by Qualcomm baseband chips. With Apple's new CDMA-based iPhone about to launch, we cannot help but wonder if the innards of this device are similar to the innards of other CDMA-based handsets that often contain Maxim analog baseband chips. While we have not confirmed anything in this regard, it is possible Maxim's chips could be found inside the CDMA-based iPhone, instead of the power management unit currently designed in from Dialog. If 20M CDMA-based iPhones are built in 2011 with an analog baseband content of $2, then $40M of incremental revenues would be generated, contributing about $0.04 of annual EPS, a positive. Separately, we detail our updated production start checks, which were largely stable versus our prior month checks in aggregate, with production forecast improvements by Nvidia (Nasdaq: NVDA), Marvell (Nasdaq: MRVL), and Broadcom (Nasdaq: BRCM) largely offsetting production forecast cuts from Qualcomm (Nasdaq: QCOM), Texas Instruments (NYSE: TXN), Altera (Nasdaq: ALTR), and Atheros (Nasdaq: ATHR). Regarding chip stocks, while playing some defense may make sense following a big run higher since Labor Day, and given that CES has historically marked a peak in both chip stock prices and sentiment, we do think a "beat and raise" round of 4Q earnings results, improving economic (jobs and manufacturing) data, an inflow of cash from bonds to equities, and still-reasonable chip firm valuations (14x 2011 P/E for sector) may mean that any sell-off is short term in nature and a likely buying opportunity. Chip stocks remain cheap compared with software stocks, and compared with the overall market, especially in light of robust demand trends and structural growth opportunities. We think the SOX can grind higher toward 475–500 by year-end 2011. Stocks to focus on for potential upside include Maxim (Nasdaq: MXIM), ON Semi (Nasdaq: ONNN), MRVL, BRCM, National Semi (NYSE: NSM), Fairchild Semi (NYSE: FCS), Intl Rectifier (NYSE: IRF), and Microsemi (Nasdaq: MSCC)."
FBR added these points: 1) Maxim could win a power management socket in the new CDMA-based iPhone (though nothing is confirmed); possible $0.04 annual EPS impact; 2) 1Q production start checks largely stable and better than seasonal at flat QOQ; raises by NVDA, MRVL, and BRCM offset by cuts from QCOM, TXN, ALTR, and ATHR; 3) Commentary for firms that increased production forecasts; 4) Commentary for firms that decreased production forecasts; 5) Shares of Intel (Nasdaq: INTC) widely disliked—a potential opportunity, if Sandybridge ramp is robust.
FBR said, "Here we discuss Maxim Integrated (Nasdaq: MXIM)(Outperform) and our latest 1Q11 production start checks. Regarding Maxim, the firm has seen meaningful success ramping analog baseband chips into CDMA phones from Samsung and LG, phones usually powered by Qualcomm baseband chips. With Apple's new CDMA-based iPhone about to launch, we cannot help but wonder if the innards of this device are similar to the innards of other CDMA-based handsets that often contain Maxim analog baseband chips. While we have not confirmed anything in this regard, it is possible Maxim's chips could be found inside the CDMA-based iPhone, instead of the power management unit currently designed in from Dialog. If 20M CDMA-based iPhones are built in 2011 with an analog baseband content of $2, then $40M of incremental revenues would be generated, contributing about $0.04 of annual EPS, a positive. Separately, we detail our updated production start checks, which were largely stable versus our prior month checks in aggregate, with production forecast improvements by Nvidia (Nasdaq: NVDA), Marvell (Nasdaq: MRVL), and Broadcom (Nasdaq: BRCM) largely offsetting production forecast cuts from Qualcomm (Nasdaq: QCOM), Texas Instruments (NYSE: TXN), Altera (Nasdaq: ALTR), and Atheros (Nasdaq: ATHR). Regarding chip stocks, while playing some defense may make sense following a big run higher since Labor Day, and given that CES has historically marked a peak in both chip stock prices and sentiment, we do think a "beat and raise" round of 4Q earnings results, improving economic (jobs and manufacturing) data, an inflow of cash from bonds to equities, and still-reasonable chip firm valuations (14x 2011 P/E for sector) may mean that any sell-off is short term in nature and a likely buying opportunity. Chip stocks remain cheap compared with software stocks, and compared with the overall market, especially in light of robust demand trends and structural growth opportunities. We think the SOX can grind higher toward 475–500 by year-end 2011. Stocks to focus on for potential upside include Maxim (Nasdaq: MXIM), ON Semi (Nasdaq: ONNN), MRVL, BRCM, National Semi (NYSE: NSM), Fairchild Semi (NYSE: FCS), Intl Rectifier (NYSE: IRF), and Microsemi (Nasdaq: MSCC)."
FBR added these points: 1) Maxim could win a power management socket in the new CDMA-based iPhone (though nothing is confirmed); possible $0.04 annual EPS impact; 2) 1Q production start checks largely stable and better than seasonal at flat QOQ; raises by NVDA, MRVL, and BRCM offset by cuts from QCOM, TXN, ALTR, and ATHR; 3) Commentary for firms that increased production forecasts; 4) Commentary for firms that decreased production forecasts; 5) Shares of Intel (Nasdaq: INTC) widely disliked—a potential opportunity, if Sandybridge ramp is robust.
Monday, January 10, 2011
Atmel (Nasdaq:ATML), Broadcom (Nasdaq:BRCM), Int'l Rectifier (NYSE:IRF), QUALCOMM (Nasdaq: QCOM), Maxim (Nasdaq:MXIM) Get Positive Sentiment from FBR
FBR had a number of positive takeaways from the CES, and among them was positive sentiment on Atmel (Nasdaq:ATML), Broadcom (Nasdaq:BRCM), Int'l Rectifier (NYSE:IRF), QUALCOMM (Nasdaq: QCOM) and Maxim (Nasdaq:MXIM), among many others.
They raised earnings per share and/or price targets on the companies named, and see some real competition coming agains Apple's (Nasdaq:AAPL) iPhone.
FBR said, "We attended our ninth consecutive Consumer Electronics Show in Las Vegas last week to assess demand trends and the latest round of gadgets. Most prevalent this year were tablets and smartphones (and touchscreens), 'wireless everything,' connected TVs and other content delivery devices, and even electronicized automobiles. Clearly, tablets are the latest craze, with more than 150 different tablets in development around the world. Only a handful of these devices will be successful en masse, thus meaning the other 140 devices will be 'me-too' flops. We saw beautiful, state-of-the-art smartphones from LG, Motorola (NYSE: MOT), Samsung, HTC, and others, with some of those devices finally sleek enough to provide real competition to the Apple iPhone. QUALCOMM, Broadcom, Atmel, Nvidia (Nasdaq: NVDA), and Maxim are five chip stocks with meaningful smartphone exposure. 'Wireless everything' continues to be thematic with Wi-Fi, Bluetooth, 4G LTE, NFC (near-field communications used for e-wallet and security functions), and even wireless USB proliferating throughout a host of brand-new devices that previously did not exist, a primary reason for better-than-typical electronics demand trends of late (a trend that could certainly continue in coming years). Content delivery devices and connected TVs are proliferating, and while connected TVs will take years to become mainstream, this trend is a natural extension of broadband connectivity. Regarding demand trends, we think semiconductor demand is more resilient and robust than expected, likely setting up another round of 'beat and raise' earnings reports from chip firms following a less-than-seasonal 2H10. We are raising EPS estimates and price targets on ATML, BRCM, and IRF, and are raising price targets on QCOM, NVDA, MXIM, ON Semi (Nasdaq: ONNN), Silicon Labs (Nasdaq: SLAB), and Atheros (Nasdaq: ATHR). Regarding chip stocks, while playing some defense could make sense following such a run higher since Labor Day, we do think a 'beat and raise' round of earnings results in late January, improving economic and manufacturing data, an inflow of cash from bonds to equities, and still reasonable chip firm valuations may mean that any profit-taking sell-off is short term in nature and a likely buying opportunity. We still expect the SOX to grind higher towards 475–500 by year-end 2011. Stocks to focus on for upside include BRCM, MRVL, MXIM, NSM, ONNN, FCS, and Int'l Rectifier (NYSE: IRF)."
Atmel was trading at $13.27, down $0.22, or 1.63 percent, as of 11:46 AM EST. Broadcom was at $45.23, up $0.34, or 0.76 percent. International Rectifier was up to $30.13, gaining $0.13, or 0.43 percent. QUALCOMM was at $51.99, up $0.26, or 0.50 percent. Maxim was at $24.33, up $0.34, or 1.42 percent.
They raised earnings per share and/or price targets on the companies named, and see some real competition coming agains Apple's (Nasdaq:AAPL) iPhone.
FBR said, "We attended our ninth consecutive Consumer Electronics Show in Las Vegas last week to assess demand trends and the latest round of gadgets. Most prevalent this year were tablets and smartphones (and touchscreens), 'wireless everything,' connected TVs and other content delivery devices, and even electronicized automobiles. Clearly, tablets are the latest craze, with more than 150 different tablets in development around the world. Only a handful of these devices will be successful en masse, thus meaning the other 140 devices will be 'me-too' flops. We saw beautiful, state-of-the-art smartphones from LG, Motorola (NYSE: MOT), Samsung, HTC, and others, with some of those devices finally sleek enough to provide real competition to the Apple iPhone. QUALCOMM, Broadcom, Atmel, Nvidia (Nasdaq: NVDA), and Maxim are five chip stocks with meaningful smartphone exposure. 'Wireless everything' continues to be thematic with Wi-Fi, Bluetooth, 4G LTE, NFC (near-field communications used for e-wallet and security functions), and even wireless USB proliferating throughout a host of brand-new devices that previously did not exist, a primary reason for better-than-typical electronics demand trends of late (a trend that could certainly continue in coming years). Content delivery devices and connected TVs are proliferating, and while connected TVs will take years to become mainstream, this trend is a natural extension of broadband connectivity. Regarding demand trends, we think semiconductor demand is more resilient and robust than expected, likely setting up another round of 'beat and raise' earnings reports from chip firms following a less-than-seasonal 2H10. We are raising EPS estimates and price targets on ATML, BRCM, and IRF, and are raising price targets on QCOM, NVDA, MXIM, ON Semi (Nasdaq: ONNN), Silicon Labs (Nasdaq: SLAB), and Atheros (Nasdaq: ATHR). Regarding chip stocks, while playing some defense could make sense following such a run higher since Labor Day, we do think a 'beat and raise' round of earnings results in late January, improving economic and manufacturing data, an inflow of cash from bonds to equities, and still reasonable chip firm valuations may mean that any profit-taking sell-off is short term in nature and a likely buying opportunity. We still expect the SOX to grind higher towards 475–500 by year-end 2011. Stocks to focus on for upside include BRCM, MRVL, MXIM, NSM, ONNN, FCS, and Int'l Rectifier (NYSE: IRF)."
Atmel was trading at $13.27, down $0.22, or 1.63 percent, as of 11:46 AM EST. Broadcom was at $45.23, up $0.34, or 0.76 percent. International Rectifier was up to $30.13, gaining $0.13, or 0.43 percent. QUALCOMM was at $51.99, up $0.26, or 0.50 percent. Maxim was at $24.33, up $0.34, or 1.42 percent.
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