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2021-5-5 11:52:46
The sell-off in chip stocks on supply worries is overshadowing reasons to buy them, says Bank of America
buy rating on Applied Materials, its top pick, as well as on KLA-Tencor, Lam Research, Nova Measuring Instruments and Teradyne,
"Media reports are chock-full of news of chip shortages leading one to incorrectly believe the semis industry has shut down and gone on a holiday,"
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"Strong [financial results] beats/outlooks have been received with stock selloffs, suggesting four walls of concerns," including that the widespread chip shortage is now being perceived as constraining as opposed to driving pricing power.
auto production to accelerate to +10% in 2021, +9.7% in 2022
smartphone to accelerate to 8% to 10% growth 2021
PC is likely to exceed 15%-20%
"Furthermore, vendor focus on engaging in non-cancellable, non-returnable (NCNR) orders for 2022 should enhance long-term visibility," said BofA