Nomura Securities on U.S. Semiconductors: Negative Read-Through
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Nomura Securities on U.S. Semiconductors: Negative Read-Through
Nomura analyst, Romit Shah, said, "Negative read-through on PC weakness in W Europe. Gartner (NYSE: IT) reported worldwide Q3 PC shipment growth of 3.2% y/y, which came in slightly below Gartner’s earlier projection of up 5.1% y/y. More importantly, the report indicated that the EMEA region contributed to the lower-than-expected PC growth, led by weak Western European markets. We believe PC weakness in Europe could be perceived as negative for Nvidia (Nasdaq: NVDA)(Neutral, PT $15) owing to high GPU attach rates in the region. This backs our view that PC growth in 2011 will come in below Intel’s estimate of high single-digit growth. In addition, weaker PC demand has an impact on Marvell (Nasdaq: MRVL)(Neutral, PT $15 although share gains at Seagate may provide an offset.
Nomura analyst, Romit Shah, said, "Negative read-through on PC weakness in W Europe. Gartner (NYSE: IT) reported worldwide Q3 PC shipment growth of 3.2% y/y, which came in slightly below Gartner’s earlier projection of up 5.1% y/y. More importantly, the report indicated that the EMEA region contributed to the lower-than-expected PC growth, led by weak Western European markets. We believe PC weakness in Europe could be perceived as negative for Nvidia (Nasdaq: NVDA)(Neutral, PT $15) owing to high GPU attach rates in the region. This backs our view that PC growth in 2011 will come in below Intel’s estimate of high single-digit growth. In addition, weaker PC demand has an impact on Marvell (Nasdaq: MRVL)(Neutral, PT $15 although share gains at Seagate may provide an offset.
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