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Some of the biggest winners in the entire stock market in recent years have been semiconductor stocks. But after huge run-ups in some popular names, stock picking has become even more important.
There may still be a handful of opportunities in semiconductor stocks, but investors need to know where to look.
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The Analyst
UBS analyst Timothy Arcuri initiated coverage on the following 14 semiconductor stocks:
- Marvell Technology Group Ltd. (NASDAQ:MRVL), Buy rating and $38 target.
- Broadcom Ltd (NASDAQ:AVGO), Buy rating and $350 target.
- Intel Corporation (NASDAQ:INTC), Buy rating and $70 target.
- KLA-Tencor Corp (NASDAQ:KLAC), Buy rating and $150 target.
- Advanced Micro Devices, Inc. (NASDAQ:AMD), Neutral rating and $11 target.
- NVIDIA Corporation (NASDAQ:NVDA), Neutral rating and $250 target.
- Lam Research Corporation (NASDAQ:LRCX), Neutral rating and $220 target.
- Qorvo Inc (NASDAQ:QRVO), Neutral rating and $76 target.
- Applied Materials, Inc. (NASDAQ:AMAT), Neutral rating and $58 target.
- Skyworks Solutions Inc (NASDAQ:SWKS), Neutral rating and $105 target.
- QUALCOMM, Inc. (NASDAQ:QCOM), Neutral rating and $56 target.
- Teradyne Inc. (NYSE:TER), Neutral rating and $49 target.
- Texas Instruments Incorporated (NASDAQ:TXN), Sell rating and $85 target.
- Micron Technology, Inc. (NASDAQ:MU), Sell rating and $35 target.
The Thesis
The cyclical boom in the semiconductor business may be coming to an end, Arcuri says, but investors shouldn’t confuse the cyclical nature of the business with the longer-term secular growth story.
“If data is the new oil, AI is the combustion engine that will push more silicon into every vertical of the economy,” Arcuri said in a note.
Still, with the current cycle slowing, he said stock selection is critical to avoid being caught in the downdraft. UBS has tried to single out specific stocks that could beat consensus earnings expectations or where analysts seem to be missing a major business transition. At the same time, Arcuri expects the downturn to be particularly hard on memory stocks, which investors should approach with caution.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.