![]() Semiconductor stocks moving on news Monday included Nvidia (NVDA), Intel (INTC) and several Apple (AAPL) iPhone chip suppliers. XRBC Capital Markets raised its price target on graphics-chip maker Nvidia to 310 from 300 and reiterated its outperform rating. Nvidia shares dropped 4.7% to 239.12 during an overall down day on the stock market today. The prospects of a trade war between the U.S. and China battered chip stocks. RBC analyst Mitch Steves expressed increased confidence in Nvidia's earnings growth potential. Nvidia's business from data center operators looks solid, he said. "We remain bullish on overall data center trends and see no material slowdown in sight," Steves said in a report Sunday. The market for graphics processors for gaming PCs also remains strong, he said. Nvidia is currently ranked No. 28 on the IBD 50 list of top-performing growth stocks. It is one of five chip-industry players on IBD's flagship stock list. Intel Rating LoweredNomura Instinet downgraded Intel stock to neutral from buy on concerns about the company's search for a new chief executive. Chief Financial Officer Robert Swan was elevated to interim chief executive on Thursday after Brian Krzanich resigned from the top post following an improper relationship with an Intel employee. "CEO Krzanich's departure is disappointing on multiple levels," Instinet analyst Romit Shah said in a report Monday. "We believe the lack of leadership will only add to the already growing uncertainty about Intel's long-term franchise." Shah suggested that Intel hire an outsider as chief executive, even though it has never done so before. He lowered his price target on Intel stock to 55 from 60. Intel shares fell 3.4% to 50.71 on Monday. Apple iPhone Chip Supplier RaisedInvestment bank Cowen raised its price target on smartphone chip supplier Qorvo (QRVO) to 80 from 75, but kept its market perform rating. Qorvo slid 2.1% to 80.36 on Monday. Qorvo and Skyworks Solutions (SWKS) have the potential to report upside in the June quarter as smartphone makers Apple, Samsung and Huawei increase their handset production, Cowen analyst Karl Ackerman said in a report Sunday. Meanwhile, Susquehanna analyst Christopher Rolland said Monday that Cirrus Logic (CRUS) won a contract with Apple to provide active noise cancellation technology in second-generation AirPods wireless earbuds. He rates Cirrus Logic stock as positive. The new contract is likely to increase Cirrus Logic's revenue by 4%, but provide a more than 50% boost to earnings per share, he said. Also, Bank of America Merrill Lynch upped its price target on Advanced Micro Devices (AMD) to 20 from 17 and kept its buy rating. AMD shares fell 4.4% to 15.11. U.S.-China Trade Disputes Could Impact Chip FirmsA report on Monday by Moody's Investors Service said the growing trade conflicts between the U.S. and China could impact the semiconductor sector. If export restrictions are limited, they will have a medium impact on U.S. integrated circuit companies, Moody's said. But if the restrictions are severe, they would have a high impact on chip vendors, it said. Many electronics products are assembled in China, including Apple's iPhone. Trade restrictions will have low-to-medium impact on U.S. semiconductor-equipment vendors, Moody's said. Chip companies with the most sales exposure to China include Skyworks and Qualcomm (QCOM), CFRA Research analyst Angelo Zino said in a report. "We still view the lingering trade issues with China as the biggest risk to the semiconductor industry and expect chipmakers to remain pressured near term until better clarity on the situation is realized," Zino said. RELATED: Market Sell-Off Accelerates; This Top Chinese Stock Hits Key Support Level Nasdaq Leads Stocks Lower As U.S. Amps Up Trade Threats; Netflix Dives Read More Nvidia Gets Price-Target Hike; Intel Downgraded On CEO Turmoil : https://ift.tt/2IrsWv1
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