Jan. 15 at 8:21 PM
Wolfe Research raised estimates for select semiconductor stocks ahead of fourth-quarter earnings, saying demand visibility remains mixed but downside risks are limited and company-specific factors are increasingly driving performance. The firm expects mixed but stable commentary from analog chipmakers, without signs of a broad deterioration.
Wolfe highlighted Microchip Technology as the most upbeat name after two positive preannouncements and raised its price target to
$90 from
$76, citing stronger December-quarter results and above-seasonal growth expected in March. The firm also lifted its price target on Analog Devices to
$330, supported by company-specific drivers and multiple expansion.
Monolithic Power Systems remains Wolfe’s preferred analog play due to AI exposure, while Texas Instruments is viewed favorably long term as capex declines and free cash flow improves.
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