Some high-profile semiconductor names are scheduled to report their quarterly results this week. An analyst at KeyBanc Capital Markets isn't quite upbeat about it.
Challenging Setup: Concerns of a correction will dominate over strong, broad-based near-term fundaments and robust results/guidance, leading to a challenging setup for earnings, KeyBanc analyst John Vinh said in a note.
"With increasing concerns regarding a cyclical correction, we don't anticipate strong results and guidance will be rewarded in terms of stock performance," the analyst said.
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The quarterly results and commentary will likely reflect a strong pricing trend and robust demand trends across auto, cloud data center, and 5G infrastructure, Vinh said. Consumer-facing end markets such as smartphone, PC and IT will likely see softness, he added.
The Semiconductor Stock Ratings: KeyBanc has an "overweight" rating and $240 price target for Texas Instruments stock.
The firm rates Silicon Labs "overweight" as well, with a $210 price target.
Vinh has the same rating and a $200 price target on Qualcomm.
KeyBanc rates Intel a "sector weight" but has no formal PT for the stock. The fair value of the stock, according to the analyst, is $50.
Earnings Schedule:
- Texas Instruments: Tuesday, after the close
- Silicon Labs & Qualcomm: Wednesday, after the close
- Intel: Thursday, after the close
The iShares Semiconductor ETF (NASDAQ: SOXX) closed Friday's session down 2.22% at $410.55, according to BenzingaPro data. The SOXX is down 24.2% year-to-date.
Related Link: Rosenblatt Gets Cautious On Texas Instruments, Intel Ahead Of Earnings
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