What's Going On With Microchip and NXP Semiconductors Stocks Friday?
What's Going On With Microchip and NXP Semiconductors Stocks Friday?
Microchip Technology Inc (NASDAQ:MCHP) and NXP Semiconductors NV (NASDAQ:NXPI) shares are trading higher after Mizuho analyst Vijay Rakesh upgraded the stock ratings to Buy from Neutral. The analyst gave price targets of $115 for Microchip and $325 for NXPI.
瑞穗分析師維傑·拉克什將股票評級從中性上調至買入後，微芯科技公司（納斯達克股票代碼：MCHP）和恩智浦半導體內華達州（納斯達克股票代碼：NXPI）股價走高。該分析師給出的Microchip的目標股價爲115美元，NXPI的目標股價爲325美元。
Rakesh noted that after 2-3 years of underperformance, the Analog group has baked in the 2023-24 slowdown and could start catching up with the SOX, in particular as inventories peak and utilization gets cut across the supply chain despite the overhang of increasing fab capacity and supply.
拉克什指出，在經歷了2-3年的表現不佳之後，Analog集團已經進入了2023-24年的經濟放緩，並可能開始趕上SOX，特別是在儘管晶圓廠產能和供應增加的懸而未決的情況下，庫存達到峯值，整個供應鏈的利用率都被削減。
NXPI has traded in line with the SOX P/E during 2018-22 with strong top-line growth, Rakesh noted. But since the second half of 2022, NXPI has shown a disconnect in P/E to SOX with flat to down top line and high inventories. The analyst noted that peaking inventories, potentially improving business sentiment, industrial outlooks, and global PMIs, will position NXPI better in the second half of 2024 and 2025.
拉克什指出，在2018-22年度，NXPI的交易價格與SOX市盈率持平，收入增長強勁。但是自2022年下半年以來，NXPI的市盈率與SOX脫節，收入持平至下降，庫存居高不下。這位分析師指出，庫存達到峯值可能會改善商業信心、行業前景和全球採購經理人指數，這將使NXPI在2024年下半年和2025年更好。
Rakesh maintained his June quarter revenue and EPS at $3.1 billion and $3.20 (consensus $3.11 billion and $3.17) while raising fiscal 2024 from $13.2 billion and $13.94 to $13.2 billion and $13.98 (above consensus $13.1 billion and $13.95) and fiscal 2025 from $14.2 billion and $15.17 to $14.6 billion and $16.10 (above consensus $14.3 billion and $15.90). The analyst introduced fiscal 2026 at $15.5 billion and $17.30 (above consensus $15.3 billion and $16.99).
拉克什將6月份的季度收入和每股收益維持在31億美元和3.20美元（共識爲31.1億美元和3.17美元），同時將2024財年從132億美元和1394美元提高到132億美元和13.98美元（高於共識的131億美元和13.95美元），將2025財年從142億美元和15.17美元提高到146億美元和16.10美元（高於共識的143億美元和15.90美元）。該分析師推出的2026財年爲155億美元和17.30美元（高於共識的153億美元和16.99美元）。
For MCHP, after three consecutive quarters of down 15%-25% sequential top line guides, gross margin down from 68% to 60%, and utilization cut to 65%-70%, fiscal 2025 Capex down 35%-40% year-on-year, Rakesh noted inventories could start to peak, setting up for a modest improvement into the second half of 2024 and 2025. However, he noted offsets with OEMs moving auto/industrial design architectures from MCU to Arm-based processors and domain/zonal control and central computing.
對於MCHP而言，在連續三個季度連續下降15％-25％，毛利率從68％下降至60％，利用率下降至65％-70％之後，2025財年的資本支出同比下降35％-40％，拉克什指出，庫存可能開始達到峯值，爲2024年下半年和2025年略有改善做好準備。但是，他指出，OEM將汽車/工業設計架構從MCU轉移到基於ARM的處理器以及域/區域控制和中央計算所產生的抵消作用。
For MCHP, Rakesh maintained his June quarter revenue and EPS at $1.2 billion and $0.52 (consensus $1.2 billion and $0.52) and fiscal 2025 at $5.8 billion and $2.91 (consensus $5.5 billion and $2.64). He raised fiscal 2026 from $7 billion and $4.38 to $7.1 billion and $4.50 (above consensus $6.9 billion and $4.19) and introduced fiscal 2027 at $8 billion and $5.26 (above consensus $7.7 billion and $4.99).
對於MCHP，拉克什將6月份的季度收入和每股收益維持在12億美元和0.52美元（共識爲12億美元和52美元），將2025財年的收入和每股收益維持在58億美元和291美元（共識爲55億美元和264美元）。他將2026財年從70億美元和43.8美元提高到71億美元和4.50美元（高於共識的69億美元和4.19美元），並推出了2027財年的80億美元和5.26美元（高於共識的77億美元和499美元）。
Price Actions: MCHP shares traded higher by 2.24% at $100.34 at the last check Friday. NXPI is up 2.78% at $280.31.
價格走勢：在週五的最後一次支票中，MCHP股價上漲2.24％，至100.34美元。NXPI上漲2.78％，至280.31美元。
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譯文內容由第三人軟體翻譯。