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Technology Stocks : Semi Equipment Analysis
SOXX 324.89-1.1%Jan 7 4:00 PM EST
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From: Julius Wong6/21/2024 7:54:04 AM
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Semi stocks undergo upgrades, price target hikes on AI demand: B. Riley

Jun. 20, 2024 10:27 AM ET
By: Brandon Evans, SA News Editor

nicolas_/E+ via Getty Images

B. Riley Securities upgraded Skyworks Solutions (NASDAQ: SWKS) to Buy from Neutral and also hiked the price targets on a swath of semiconductor stocks due to the "magnitude and pace of AI-led fundamental and financial acceleration."

The current pace of AI integration "seems unprecedented outside the late '90s Internet 1.0 build-out, and today's moves comprehend rapidly developing AI training and inference technical and product uptake implications," said B. Riley analyst Craig Ellis, in a note on Thursday.

Skyworks Solutions price target was increased to $130 from $96.

The investment bank finds Skyworks Solutions has upside potential due to Apple ( AAPL) being one of its major customers.

"The positive share stance is our first in over two years, though we acknowledge the call is more of a flyer until best-in-years sales re-acceleration potential starts to emerge," Ellis added.

Other semi stocks receiving price target hikes included Applied Materials (NASDAQ: AMAT) to $300 from $255; Lam Research Corporation (NASDAQ: LRCX) to $1,325 from $1,130; Axcelis Technologies (NASDAQ: ACLS) to $175 from $155; Camtek (NASDAQ: CAMT) to $150 from $110; FormFactor (NASDAQ: FORM) to $74 from $65; and Onto Innovation (NYSE: ONTO) to $280 from $250. All six of these semi stocks currently have a Buy rating from B. Riley.

The price target hikes all occur ahead of the upcoming Semicon West 2024 conference on July 9 through 11 in San Francisco.
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