” It was not that long ago that we saw a research report from Credit Suisse calling the chip sector at an “irresistible cyclical bottom.” Now we have a slew of analyst reports driving shares higher in the semiconductor sector on Tuesday. Chip stocks are responding well, as you will see.
Altera Corp. (NASDAQ: ALTR) was reiterated with a Buy rating and the price target was raised by $4 to $42, based on demand recovery and the possibility of a higher dividend. Shares are up 1.8% at $36.39, against a 52-week range of $29.59 to $40.31.
Atmel Corp. (NASDAQ: ATML) was raised to Buy from Hold at Needham with a price target of $10 on the stock. Shares are up 1.8% at $7.30, against a 52-week range of $4.37 to $10.73.
Cypress Semiconductor Corp. (NASDAQ: CY) was raised to Buy from Hold by Needham, and the price target is $13.00 per share. The upgrade is based in part on valuation and in part due to improving conditions in the SRAM chip market. Shares of Cypress are up 5% at $10.35, against a 52-week range of $8.70 to $18.70.
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