- 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.
Here’s Why Bilibili And Tencent Music Entertainment Shares Are Moving
Bilibili Inc - ADR (NASDAQ: BILI) and Tencent Music Entertainment Group - ADR (NYSE: TME) shares are trading lower during Tuesday's session. Shares of several Chinese stocks are trading lower after China'
