Several semiconductor-related stocks were down on Monday following Needham's bulk downgrade.
The companies affected include Ambarella Inc AMBA, Cavium Inc CAVM, RF Micro Devices, Inc. RFMD, TriQuint Semiconductor TQNT and Skyworks Solutions Inc SWKS.
So, Is Anyone Actually Outperforming?
Inphi Corporation 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. 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.
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