Technology
CLSA Takes Very Mixed View on Top Chip Stocks: Intel, Qualcomm, Broadcom, NXP, TI and More
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Semiconductor stocks have had a wild ride in 2016. While the group is down only marginally so far in 2016, this group has risen by more than 15% from the inflection point selling climax in February. Now comes a new research call from the firm CLSA with a very mixed rating spectrum in the semiconductor space.
Some of the issues revolve around Apple, and some revolve around individual companies. 24/7 Wall St. has added historical trading data and color on each of these stock chip calls from CLSA.
The first issue should be viewed around Dow component Intel Corp. (NASDAQ: INTC). It was initiated with an Underperform rating, Wall Street analyst code for “sell.” The price target looks more like a “Hold” or “Neutral rating though, as the price target of $30 was versus a prior closing price of $30.39. Shares of Intel were last trading lower at $30.18, with a consensus analyst price target of $35.35 and a 52-week trading range of $24.87 to $35.59. Intel is viewed as an Apple laggard and as a company that needs to take a different approach and have a better focus on individual companies ahead.
CLSA assigned a new Buy rating to Qualcomm Inc. (NASDAQ: QCOM), and the firm’s $65 price target compares to a closing price of $51.91. Qualcomm shares were recently trading up 19 cents at $52.10, bucking the trend of lower semiconductor stocks so far on Tuesday. The consensus price target is $56.69, and the 52-week trading range is $42.24 to $71.32.
Broadcom Ltd. (NASDAQ: AVGO), which is now the amalgamated Avago from overseas, which acquired U.S.-based Broadcom, was started with a Buy rating and was assigned a $165 price target. Its prior closing price was $142.65, and it was last seen down 70 cents at $141.95. Broadcom has a consensus price target of $178.52 and a 52-week range of $100.00 to $159.65. This Apple supplier is expected to get a boost in orders ahead.
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