A Wall Street analyst ended his bearish bet on Intel (INTC-US) on Thursday (16th), believing that the worst is over for the personal computer (PC) and smartphone chip industries, and raised Qualcomm (QCOM-US). US) and Skyworks (SWKS-US) stock ratings.
Susquehanna analyst Christopher Rolland upgraded Intel’s stock to “neutral” from a previous “negative” rating, saying things are moving in the right direction for the embattled chip maker. direction development.
The company said in April 2021 that the semiconductor cycle had peaked, driven by soaring valuation multiples and record chip deliveries. But Rolland now believes that the worst is over for the semiconductor cycle in the smartphone, PC and consumer markets, while the industrial and automotive markets have yet to slow down.
Rolland predicts that inventory levels will return to normal soon, and demand in the PC and smartphone markets will also pick up. He is optimistic that Intel will start to meet the inventory replenishment in the PC market from the third quarter.
Rolland also upgraded Qualcomm and Skyworks to “positive” from “neutral,” arguing that both are expected to benefit from China’s reopening.
Intel closed up 6.2% on Thursday (16th) at $30.18 per share, Qualcomm rose 4.35% to $120.51, Skyworks rose 3.6% to $115.73.
