- 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.
Will Federal Reserve Raise Interest Rates 0.75% or 1.00%? Here’s What Analysts Are Saying Ahead Of Fed Meeting
The FOMC (Federal Open Market Committee) will announce if it is deciding to raise the federal funds rate Wednesday, July 27 with an announcement at 2 p.m. ET. Here’s a look at what major analysts are expecting the rate hike to look like.
