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3 chip stocks upgraded at Susquehanna today

AuthorSenad Karaahmetovic
Published 03/16/2023, 09:40 AM
Updated 03/16/2023, 09:44 AM
© Reuters. 3 chip stocks upgraded at Susquehanna today

By Senad Karaahmetovic 

Susquehanna analysts upgraded three chip stocks as they believe the vast majority of the semiconductor downcycle is behind us.

"We believe the acute portion of the semiconductor downcycle for the handset, PC and Consumer end markets has past. Industrial and Auto semis yet to correct," the analysts wrote in an upgrade note.

They raised Intel (NASDAQ:INTC) to Neutral, as well as Qualcomm (NASDAQ:QCOM) and Skyworks Solutions (NASDAQ:SWKS) to Positive. New price targets for these three stocks are $26, $140, and $135 per share.

"We upgrade the shares to Neutral (from Negative) as three of these concerns have lessened or abated. Namely: 1) AMD is no longer gaining PC share; 2) better roadmap execution; and 3) WFH PC hangover and inventory correction has run its course. DC remains the near-term risk as Asian checks suggest PC inventory has normalized, with restocking opportunities starting in 3Q," the analysts added on Intel.

Latest comments

saying its time for chip stocks leading in auto and industrial markets to correct is just plain wrong. These markets are accelerating.
No offense, but if you check Susquehanna's hit rate on Intels development and rating... you will notice they have been rather off than on... the last 2 years
thx for calling out analysts that constantly get it wrong with no consequences
Well, price target for Intel is already reached. So that wasn't too difficult.
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