lyoshen
2021-04-23
please like my comment
Despite pre-earnings choppiness, BofA still favoring U.S. semis
免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。
分享至
微信
复制链接
精彩评论
我们需要你的真知灼见来填补这片空白
打开APP，发表看法
APP内打开
发表看法
6
6
{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":376795815,"tweetId":"376795815","gmtCreate":1619147117137,"gmtModify":1634288192276,"author":{"id":3581805290358618,"idStr":"3581805290358618","authorId":3581805290358618,"authorIdStr":"3581805290358618","name":"lyoshen","avatar":"https://static.tigerbbs.com/0a5fa40ff8caa5b33f004516d4326fe2","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":39,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>please like my comment</p></body></html>","htmlText":"<html><head></head><body><p>please like my comment</p></body></html>","text":"please like my comment","highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":6,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/376795815","repostId":1103280994,"repostType":4,"repost":{"id":"1103280994","kind":"news","pubTimestamp":1619145756,"share":"https://www.laohu8.com/m/news/1103280994?lang=&edition=full","pubTime":"2021-04-23 10:42","market":"us","language":"en","title":"Despite pre-earnings choppiness, BofA still favoring U.S. semis","url":"https://stock-news.laohu8.com/highlight/detail?id=1103280994","media":"seekingalpha","summary":"A look at Q1 earnings for U.S. semiconductor manufacturers from BofA is aiming at the bright side, s","content":"<p>A look at Q1 earnings for U.S. semiconductor manufacturers from BofA is aiming at the bright side, saying that choppystock performance actually creates an enhanced opportunity - when the backdrop is solid fundamentals.</p>\n<p>Pre-earnings jitters are typical in chips, Vivek Arya and team write. The SOX index has pulled back over the last couple of weeks - just as it had before Q3 and Q4 results, they say.</p>\n<p>This time around, there's concern over uncertainty in reopening business; ongoing chip-supply constraints hitting not only cars but also smartphones, PCs and networking equipment; and \"overstated\" concerns about double ordering.</p>\n<p>And BofA notes that while the SOX's forward price/earnings multiple is at 22x - above a five-year median of 16x - it's currently in line with the broader market.</p>\n<p>\"Overwhelming beats/overshipment concerns during Q4 results have given way to expectations of underwhelming beats into Q1 earnings largely due to supply constraints,\" it says, looking to the new crop of results and suggesting a tightrope will need to be walked: \"not too-hot so as to attract concerns of overshipment, and not too-cold which could invite concerns of cycle peaking or share loss or operational/supply misexecution.\"</p>\n<p>It warned on Intel(NASDAQ:INTC), saying the foundry could become an expensive distraction in a year that already was seeing high capital expenditures. BofA is happy the company is taking on a \"venture of great national importance,\" but is skeptical on execution.</p>\n<p>It believes sales growth is too light, near flat vs. an industry growing at 15% and a rival -AMD- growing 20% ex-consoles. Meanwhile, depreciation expense is proving a \"persistent, underappreciated headwind\" to gross margins.</p>\n<p>(Indeed, Intel todayraised its full-year guidance on revenues, but just to $72.5B from $72B.)</p>\n<p>Meanwhile, BofA is focusing on a few themes (and related stocks) for this season. No. 1 is AMD - and whether it can get enough incremental supply from Taiwan Semi to beat an already-strong 37% sales growth outlook for 2021. That's followed by questions around Texas Instruments(NASDAQ:TXN)and NXP Semiconductor(NASDAQ:NXPI), and whether ongoing auto production shutdowns and fab disruptions will end up causing a reduction in 2021 estimates.</p>\n<p>And with Qorvo(NASDAQ:QRVO), BofA notes it lagged its main peer Skyworks Solutions(NASDAQ:SWKS)in Q1 (which benefited from an Apple surge) but wonders whether it can gain in Q2 as 5G phone demand broadens (and Qorvo pursues stronger margins by leveraging its position in 5G infrastructure).</p>\n<p>Overall, it's staying \"structurally bullish\" on chips and is raising its industry sales forecast for 2021 to $508.8B - marking 15.5% year-over-year growth, up from 13.9% - and it's boosting its expected compound annual growth form 2020-2023 to 11.4%, from a previous 10.7%.</p>\n<p>As for picks, its favorite sector is semiconductor equipment, where Applied Materials(NASDAQ:AMAT)is its top pick. A price target of $170 there implies 29% upside. That's followed by compute, where it likesAMDas mentioned ($100 price target implies 26.5% upside), along with Nvidia (NVDA; $700 target implies 18% upside).</p>\n<p>In autos, its favorite pick is NXP Semiconductor; in 5g infrastructure, it likes Marvell (MRVL; its $58 price target implies 29% upside); and in smartphones, its picks are Broadcom(NASDAQ:AVGO)and Qorvo (QRVO).</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Despite pre-earnings choppiness, BofA still favoring U.S. semis</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDespite pre-earnings choppiness, BofA still favoring U.S. semis\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-23 10:42 GMT+8 <a href=https://seekingalpha.com/news/3684939-despite-pre-earnings-choppiness-bofa-still-favoring-us-semis><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>A look at Q1 earnings for U.S. semiconductor manufacturers from BofA is aiming at the bright side, saying that choppystock performance actually creates an enhanced opportunity - when the backdrop is ...</p>\n\n<a href=\"https://seekingalpha.com/news/3684939-despite-pre-earnings-choppiness-bofa-still-favoring-us-semis\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QRVO":"Qorvo, Inc.","AMD":"美国超微公司","TXN":"德州仪器","NVDA":"英伟达","AMAT":"应用材料","NXPI":"恩智浦","SWKS":"思佳讯"},"source_url":"https://seekingalpha.com/news/3684939-despite-pre-earnings-choppiness-bofa-still-favoring-us-semis","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103280994","content_text":"A look at Q1 earnings for U.S. semiconductor manufacturers from BofA is aiming at the bright side, saying that choppystock performance actually creates an enhanced opportunity - when the backdrop is solid fundamentals.\nPre-earnings jitters are typical in chips, Vivek Arya and team write. The SOX index has pulled back over the last couple of weeks - just as it had before Q3 and Q4 results, they say.\nThis time around, there's concern over uncertainty in reopening business; ongoing chip-supply constraints hitting not only cars but also smartphones, PCs and networking equipment; and \"overstated\" concerns about double ordering.\nAnd BofA notes that while the SOX's forward price/earnings multiple is at 22x - above a five-year median of 16x - it's currently in line with the broader market.\n\"Overwhelming beats/overshipment concerns during Q4 results have given way to expectations of underwhelming beats into Q1 earnings largely due to supply constraints,\" it says, looking to the new crop of results and suggesting a tightrope will need to be walked: \"not too-hot so as to attract concerns of overshipment, and not too-cold which could invite concerns of cycle peaking or share loss or operational/supply misexecution.\"\nIt warned on Intel(NASDAQ:INTC), saying the foundry could become an expensive distraction in a year that already was seeing high capital expenditures. BofA is happy the company is taking on a \"venture of great national importance,\" but is skeptical on execution.\nIt believes sales growth is too light, near flat vs. an industry growing at 15% and a rival -AMD- growing 20% ex-consoles. Meanwhile, depreciation expense is proving a \"persistent, underappreciated headwind\" to gross margins.\n(Indeed, Intel todayraised its full-year guidance on revenues, but just to $72.5B from $72B.)\nMeanwhile, BofA is focusing on a few themes (and related stocks) for this season. No. 1 is AMD - and whether it can get enough incremental supply from Taiwan Semi to beat an already-strong 37% sales growth outlook for 2021. That's followed by questions around Texas Instruments(NASDAQ:TXN)and NXP Semiconductor(NASDAQ:NXPI), and whether ongoing auto production shutdowns and fab disruptions will end up causing a reduction in 2021 estimates.\nAnd with Qorvo(NASDAQ:QRVO), BofA notes it lagged its main peer Skyworks Solutions(NASDAQ:SWKS)in Q1 (which benefited from an Apple surge) but wonders whether it can gain in Q2 as 5G phone demand broadens (and Qorvo pursues stronger margins by leveraging its position in 5G infrastructure).\nOverall, it's staying \"structurally bullish\" on chips and is raising its industry sales forecast for 2021 to $508.8B - marking 15.5% year-over-year growth, up from 13.9% - and it's boosting its expected compound annual growth form 2020-2023 to 11.4%, from a previous 10.7%.\nAs for picks, its favorite sector is semiconductor equipment, where Applied Materials(NASDAQ:AMAT)is its top pick. A price target of $170 there implies 29% upside. That's followed by compute, where it likesAMDas mentioned ($100 price target implies 26.5% upside), along with Nvidia (NVDA; $700 target implies 18% upside).\nIn autos, its favorite pick is NXP Semiconductor; in 5g infrastructure, it likes Marvell (MRVL; its $58 price target implies 29% upside); and in smartphones, its picks are Broadcom(NASDAQ:AVGO)and Qorvo (QRVO).","news_type":1},"isVote":1,"tweetType":1,"viewCount":169,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":19,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/376795815"}
精彩评论