The Philadelphia Semiconductor Index +0.2% is in the green for the third straight session after passing a new record following the Apple-Qualcomm settlement earlier this week.
Stifel warns the "stunning" rally isn't likely to last with the index "currently ahead of itself" with no valuation levels to sustain it.
Stifel doesn't see semis improving "in any material way during the 1Q19 earnings season, especially due to the deterioration in global demand indicators over the last 90 days."
SunTrust thinks semis will "deliver a third (likely final) round of below-consensus guidance" in the upcoming earnings season.
Upcoming catalyst: Semi bellwether Texas Instruments (NASDAQ:TXN) kicks things off with its report on April 23. Analysts expect $3.49B in revenue with $1.16 EPS.
Now read: Believe The Market, Not Economists »
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