BUZZ-Citi expects muted Q4 chip firms earnings but stays positive on AI
Citi expects overall market expectations for chip companies' Q4 results to decline due to weak estimates from analog chipmakers and sluggish demand in PC, industrial and auto end markets
Brokerage expects Advanced Micro Devices AMD.O to raise its AI sales forecast from over $5 billion in 2024 to $8 billion in 2025
Analog companies Analog Devices ADI.O, Microchip Technology MCHP.O and Texas Instruments TXN.O to forecast 1Q 2025 below seasonality due to weak industrial demand - Citi
Brokerage says auto end market will remain weak in first half of 2025 due to high inventory and soft demand, and says NXP semiconductors' NXPI.O 2025 and 2026 EPS estimates will decline
However, says demand is improving in traditional servers end market due to recovery in cloud spending
Says inventory replenishment is driving demand in communications end markets
Citi lowers PT of Intel INTC.O to $21 from $22 and of AMD to $175 from $200
Citi expects INTC, GlobalFoundries GFS.O, AMD, NXPI, On Semiconductor ON.O and TXN to forecast Q1 revenue below estimates
(Reporting by Priyanka.G in Bengaluru)
((priyanka.g@thomsonreuters.com;))
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