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Intel, Micron, AMD Only Ones to Own as Chips ‘Plateau,’ Says Wells

Wells Fargo chip analyst David Wong this morning reiterates Outperform ratings on Intel (INTC), AMD (AMD), and Micron Technology (MU), after concluding they are the only names to own as semiconductor sales growth heads toward a “plateau."

Most chip companies that have reported earnings in the last two weeks have guided to September quarter year/year growth that is similar to or below June growth,” writes Wong, "indicating, we think, that chip industry year/year growth might have reached a plateau."

Wong cuts his rating on the sector overall to Market Weight from Overweight, writing that "the prices of many chip stocks already reflect the recovery that has played out over the last year,” since March of 2016, when he first raised his rating to Overweight.

"Global chip sales did begin to show year/year growth in the month of July...