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Chips: Citi Turns Bullish; Upgrades Nvidia, STMicro, IDT; Upbeat on Semi Equipment

November 3, 2008
by Eric Savitz
Blogger and Columnist, Barron's, Tech Trader Daily

Eric Savitz

Citigroup’s Glen Yeung this morning turned positive on the chip sector, asserting that the sector has reach the right point in the cycle to jump in for the next upturn.

Yeung uses the 1990-91 downturn as a model for the current period, and concludes that “the risk/reward has now become favorable” for select names in the group. “It is optimal to invest ahead of the report of [the] first quarter of year-over-year GDP growth,” he writes, adding that current valuations are near 1990 troughs.” In a research note this morning, Yeung also contends that “estimate capitulation has occurred.” His bottom line: now is the right time to invest in semi names.

In connection with the call, he upgrades Integrated Device Technology (IDTI), Nvidia (NVDA) and STMicro (STM) to Buy from Hold. Yeung’s colleague, Craig Ellis, who covers specialty semis, raised Fairchild (FCS) to Hold from Sell, and National Semi (NSM) to Buy from Hold.

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