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Raymond James: "Too early to call a bottom" on chips

Oct. 08, 2018 8:38 AM ETIntel Corporation (INTC) StockINTC, TXN, ADI, MCHP, MPWR, ONBy: Brandy Betz, SA News Editor18 Comments
  • Raymond James is out negative on chip stocks for the second time in as many weeks with analyst Chris Caso saying “it’s too early to call a bottom” but still “cutting estimates across much of the space.”
  • On September 25, the firm downgraded several semi stocks citing the sector entering a “cyclical downturn.” 
  • Caso: “Since we downgraded the group … stock prices have fallen sharply, the volume of negativity from the rest of the Street has increased markedly, and we believe most investors now expect some degree of estimate cuts.” 
  • Sign of the bottom? Caso says to look for positive stock price action on negative announcements, which could indicate the bottom is near. 
  • Caso “wouldn’t be surprised to be buying semis again in the November-March time frame.” 
  • The analyst’s 2019 earnings estimate cuts include Intel (NASDAQ:INTC), Analog Devices (NASDAQ:ADI), Microchip (NASDAQ:MCHP), ON Semiconductor (NASDAQ:ON), Monolithic Power (NASDAQ:MPWR), Maxim Integrated (NASDAQ:MXIM), and Texas Instruments (NYSE:TXN).  
  • Previously: Raymond James tech downgrades include Intel, Analog Devices (Sept. 25)
  • Previously: Raymond James downgrades Intel on 10nm delay (Sept. 25)

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