Needham cuts revenue estimates for chip cos on mobile, PC market weakness

Silicon Laboratories

05/07/2022 19:20

** Brokerage Needham cuts PT and revenue estimates for
Nvidia  NVDA.O , NXP Semiconductors  NXPI.O , Microchip
Technology  MCHP.O , On Semiconductor  ON.O , Silicon
Laboratories  SLAB.O  and Globalfoundries  GFS.O  
    ** Revenue estimate cuts reflect the appropriate reductions
related to weakening Mobile, PC and consumer markets - Needham
    ** Needham says estimate revisions based on company-specific
segments, accounting for trends seen in end-markets such as data
centers, automotive, industrial and IoT    
    ** Cuts in the more secular growth-related segments take
into account a relatively modest macroeconomic slowdown over the
next four to eight quarters - Needham
    ** Micron Technology  MU.O  last week cut its August
forecast, showcasing the deteriorating Chinese economy,
specifically around the smartphone, PC and consumer electronics
markets   
    ** Philadelphia SE Semiconductor index  .SOX  down 38.15%
YTD vs a 20.56% decline in the S&P 500 index  .SPX 

 (Reporting by Shreyaa Narayanan in Bengaluru)
 ((Shreyaa.Narayanan@thomsonreuters.com))