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Investing.com - KeyBanc Capital Markets has adjusted price targets for multiple semiconductor companies following its quarterly supply chain research that revealed mixed industry trends. According to InvestingPro data, the semiconductor sector continues to show strength, with prominent players like Texas Instruments (NASDAQ:TXN) maintaining strong financial health scores and trading near their 52-week highs.
The investment firm raised price targets for several companies including Broadcom (NASDAQ:AVGO) to $330 from $315, Monolithic Power Systems (NASDAQ:MPWR) to $940 from $820, and Analog Devices (NASDAQ:ADI) to $300 from $285, citing various positive indicators in their respective markets. Want deeper insights into semiconductor companies? InvestingPro offers comprehensive analysis of 1,400+ stocks, including detailed valuation metrics and financial health scores.
According to KeyBanc’s research, near-term semiconductor demand is being boosted by tariff-related pull-ins, though this is creating concerns about potentially weaker second-half performance. The firm noted that China remains "the most resilient geographically but is slowing," while artificial intelligence demand continues to show strength despite Nvidia (NASDAQ:NVDA) facing challenges ramping its GB200 product.
The research highlighted particularly positive implications for Advanced Micro Devices (NASDAQ:AMD), with KeyBanc raising its AI GPU revenue estimates for 2025 to $7 billion based on strong demand for AMD’s next-generation MI355 AI GPU. The firm maintained its Sector Weight rating on AMD, however, noting that "the gap with NVDA remains wide."
KeyBanc also lowered estimates for Qualcomm (NASDAQ:QCOM) due to "indications of a slowdown related to Android smartphone demand particularly from China OEMs," while expressing mixed views on other mobile semiconductor suppliers including Cirrus Logic (NASDAQ:CRUS), Qorvo (NASDAQ:QRVO), and Skyworks Solutions (NASDAQ:SWKS). With earnings season approaching and Texas Instruments set to report on July 22, investors are closely watching for signs of industry momentum. The sector’s performance remains crucial as semiconductor stocks maintain elevated valuation multiples, with many trading at premium P/E ratios.
In other recent news, Texas Instruments has announced a substantial $60 billion investment across seven semiconductor manufacturing facilities in the United States, marking a significant expansion in its U.S. manufacturing capacity. This investment is expected to support over 60,000 U.S. jobs and is described as the largest in foundational semiconductor manufacturing in the country’s history. The company’s facilities in Sherman and Richardson, Texas, and Lehi, Utah, are central to this expansion, with initial production anticipated to begin this year at the new Sherman fab. Meanwhile, Truist Securities has maintained its Hold rating on Texas Instruments, with a price target of $171, noting the company’s optimistic revenue outlook and diversified production capabilities. Cantor Fitzgerald also maintained a Neutral rating, highlighting concerns about potential gross margin headwinds due to increased depreciation expenses. TD Cowen raised its price target for Texas Instruments from $160 to $200, maintaining a Hold rating, following discussions on the company’s capital investment and capacity outlook. These developments underscore Texas Instruments’ strategic efforts in expanding its manufacturing footprint and addressing industry dynamics.
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