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Semiconductors: Despite good Q2 results, softening trend and macro uncertainties weigh on stocks’ performance
SemiconductorsDespite good Q2 results, softening trend and macro uncertainties weigh on stocks’ performance
Today, we highlight the main outcomes from the latest industry data and companies’ publications during the CQ2 2018. Results were mostly satisfying; however, companies’ guidance and comments did not deliver any positive surprise. This might reflect an ease in the momentum as the latest data from WSTS indicates slowing chip sales toward the end of the quarter, and some macro and memory-related risks that we identified in early July started to materialize especially for equipment manufacturers. In this context, we reiterate our preference for STMicroelectronics as the most diversified group in our coverage with short-term catalysts that could offset the potential headwinds.
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Bryan Garnier
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
Frederic Yoboue
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