Semiconductor Stocks Downgraded, Chip Designers Upgraded
A Wall Street firm on Wednesday downgraded several semiconductor stocks as the outlook for chip sales ebbs. But it sees chip design firms Cadence Design Systems (CDNS) and Synopsys (SNPS) holding up amid a possible industry downturn.
BofA Securities lowered its forecast for semiconductor sales growth to 9.5% this year from 13% previously. It sees semiconductor sales falling 1% in 2023, vs. its prior target for 7% growth.
“Semi downturns happen every 3-4 years, and we could be due…