After The Mass Semiconductor Downgrade, Who's Actually Outperforming?
Several semiconductor-related stocks were down on Monday following Needham's bulk downgrade.
The companies affected include Ambarella Inc (NASDAQ: AMBA), Cavium Inc (NASDAQ: CAVM), RF Micro Devices, Inc. (NASDAQ: RFMD), TriQuint Semiconductor (NASDAQ: TQNT) and Skyworks Solutions Inc (NASDAQ: SWKS).
So, Is Anyone Actually Outperforming?
Inphi Corporation (NYSE: IPHI) was one of the top movers in the space on Monday; shares gained 3.6 percent.
Worth noting, Inphi was the only stock upgraded by Needham. The firm changed its rating from a Buy to a Strong Buy with a price target of $23. That implies an upside of more than 40 percent from current market prices.
Rubicon Technology, Inc. (NASDAQ: RBCN) was another major gainer on Monday, though a direct reason was less clear.
The stock has been trading very close to its 52-week low in recent weeks at 0.5 times the company’s sales (versus an industry average valuation of more than 3x P/S).
Despite a 3.6 percent gain on Monday, the stock still trades below the lowest of its price targets issued in 2014. Canaccord Genuity issued a $5 target in November.
Latest Ratings for IPHI
|Oct 2016||Cowen & Co.||Initiates Coverage On||Market Weight|
|Sep 2016||Northland Securities||Downgrades||Outperform||Market Perform|
|Aug 2016||JP Morgan||Initiates Coverage on||Overweight|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.