Stifel downgrades their Semiconductor Sector view to Neutral; downgrades AMD, BRCM, ISIL, RFMD, SLAB and TXN
Stifel downgrades their semiconductor sector view to Neutral from Overweight, including downgrades in AMD, BRCM, ISIL, RFMD, and TXN to Hold from Buy and a downgrade of SLAB to Sell from Hold. For AMD, firm cites a better understanding of the co's strengths by the mkt which is much more fairly reflected in the co's valuation. For BRCM, firm cites concern of an inventory accumulation at the manufacturing level and above. For ISIL, firm cites heavy exposure to seasonally levered mkts may create short term limitations for the co. For RFMD, firm cites the potential for a short-term inventory correction in the wireless mkt and the seasonal trading patterns that typically pressure the small-cap wireless stocks during the first few months of the year. For TXN, firm has concerns of some degree of channel inventory build ups that the firm believes must win out in the short term. For SLAB, firm cites valuation. |
