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Roth Cuts Intel, Several Chips

October 28, 2009
by Eric Savitz
Blogger and Columnist, Barron's, Tech Trader Daily

Eric Savitz

Roth Capital Partners analyst Arnab Chanda this morning lowered his rating on several chip stocks to “Hold” from “Buy,” citing the risk of a modest inventory build given high projected margins and growth at Intel (INTC), Marvell (MRVL), Nvidia (NVDA) and others.

“Overall, we’re getting the sense that lead times in the semi industry have gone up a lot. There may be orders that are ‘phantom,’ or double-orders,” Chanda told me in a phone conversation this morning.

“Second, the PC end markets are probably flat year over year, but look at Intel’s [projected Q4 revenue] growth of 23 percent, Marvell’s 50 percent, Nvidia’s 80 percent–that just seems like there’s some “exuberance” embedded in that,” says Chanda.

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