Citigroup analyst Christopher Danely maintained NXP Semiconductors N.V. (NASDAQ: NXPI) with a Neutral rating and reduced the price target from $190 to $150.
Danely maintained Microchip Technology Inc (NASDAQ: MCHP) with a Neutral and slashed the price target from $72 to $62.
His checks indicate the pushouts and cancellations that hit Analog Devices, Inc (NASDAQ: ADI) in July are impacting the rest of analog as lead times are declining.
He believes weakening demand, especially in Europe, and high inventory is causing the downside.
He expects NXP and Texas Instruments Inc (NASDAQ: TXN) will report weakness in bookings, and he reiterates his belief that this is just the beginning of the downturn and every company/every end market will feel it.
He expects Microchip to feel it last, given it has the most extended lead times.
Given its defensive nature, he continues to favor ADI as his top pick.
Although SOX hit new lows last week, he expects it to hit new lows again as the downturn gains steam and estimates get cut.
He still hopes for the three signs of a bottom in 1H23, most of the downside in estimates, capex cuts, and close-to-trough valuation on new numbers.
Price Action: NXPI shares traded lower by 2.38% at $144 on the last check Tuesday.
Date
Firm
Action
From
To
Feb 2022
Needham
Maintains
Strong Buy
Feb 2022
Morgan Stanley
Maintains
Equal-Weight
Feb 2022
Raymond James
Maintains
Outperform
View More Analyst Ratings for NXPI
View the Latest Analyst Ratings
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