The firm downgraded Microchip stock from Buy to Hold, noting that while the company's fundamentals may have bottomed out, with a significant recovery expected in CY25, its stock is currently trading at a historically high price-to-earnings ratio.
Alongside the downgrade of individual stocks, Truist also shifted its overall view of the semiconductor sector to Neutral from Constructive. βWhile bullish investors point to a significant recovery in CY25, we highlight that consensus already forecasts a recovery, with CY25 revenue growing 17% y/y and EPS growing 31%,β the note states.They have set a new price target for ADI at $233, down from $266, based on a 28x multiple, which reflects a traditional 7x discount compared to its analog peers.
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Truist raises Nvidia price target ahead of earningsAnalyst William Stein kept his buy rating and raised his 12-month price target.
Read more Β»