Chip Stocks Hit With Price-Target Cuts On Cyclical Concerns [Investor's Business Daily]
CYPRESS SEMICONDUCTOR (CY)
Last cypress semiconductor earnings: 1/30 04:05 pm
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Source: Investors Business Daily
Related news Wall Street analysts cut their price targets on a host of chip stocks on Wednesday as concerns grow that the semiconductor market is in a down cycle. Susquehanna Financial Group lowered its targets on six chip stocks. It cut its target on Cypress Semiconductor ( CY ) to 18 from 21, on Microchip Technology ( MCHP ) to 85 from 112, and on Maxim Integrated Products ( MXIM ) to 62 from 70. It also trimmed its target on ON Semiconductor ( ON ) to 22 from 28, and on Texas Instruments ( TXN ) to 120 from 135. However, it kept its positive ratings on those five stocks. Susquehanna also cut its price target on neutral-rated Power Integrations ( POWI ) to 65 from 70. "While not precipitous, semiconductor lead-times contracted in the month of September for the first time after two years of expansion," Susquehanna analyst Christopher Rolland said in a report to clients. He cut his price targets "to reflect cyclical risks and increased likelihood of weaker Q4 guidance." On the stock m
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