The recent bounce in semiconductor names is likely only a temporary upward move, according to Barclays
The recent bounce in semiconductor names is likely only a "head fake," Barclays says. Analyst Blayne Curtis downgraded shares of Lam Research to equal weight as part of a broader dire outlook on the semi space, saying that the maker of chip equipment is among a slew of names due for a "substantial reset" following a double-digit rally in recent weeks.
"The company sees this as reason to remain confident that numbers are moving higher, but we see this as a burden as utilization will have to drop that much more when the eventual cuts come." Along with the downgrade, Barclays trimmed estimates on the semiconductor stock, which has plummeted more than 35% this year and cut the bank's price target to $450 a share. The fresh target implies a 3% downside for the stock in the near term.
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