J.P. Morgan Releases SMid Semiconductors Report

J.P. Morgan released a research report on SMid Semiconductors: Broadcom Corporation

, Freescale Semiconductor

, LSI Corporation

, Micron Technology

, NVIDIA Corporation

, NXP Semiconductors

and PMC-Sierra

announcing they are cutting their C11/12 estimates. In the report JP Morgan writes, “We are cutting our C11/12 estimates for BRCM, FSL, LSI, MU, NVDA, NXPI, and PMCS based on continued muted demand trends and a value chain (OEM, distributors, contract manufacturers, ODMs, etc) that will continue to lay out conservative build plans. However, channel inventories appear to be at reasonable levels and stocks trade near trough valuations. We believe those companies that have product cycles and/or command market share in strong growth segments like smartphones and comm. infrastructure (BRCM, CAVM, MRVL) will weather the storm better than peers.” Broadcom Corporation is trading at $34.64, Freescale Semiconductor is trading at $11.52, LSI Corporation is trading at $6.84, Micron Technology is trading at $6.06, NXP Semiconductors is trading at $17.48 and PMC-Sierra is trading at $5.95.