SQNS - Marvell Tech Lam Research among chip stocks in raft of downgrades at B. Riley

Semiconductor stocks were in the spotlight at B. Riley, Wednesday, as analysts Craig Ellis and Michael Mani took their axes to the ratings and price targets on more than a dozen chip and chip-equipment makers. In a research report, Ellis and Mani said the moves reflect growing concerns about factors such as a decrease in product demand and rising costs that are expected to continue through this year and into 2023. Additionally, the pair said broader economic issues are having an impact on the chip sector as well. "Further surging energy and food prices, triggering record-low June U.S. consumer sentiment, intensifies [the risk of] electronic product demand destruction," Ellis and Mani said. The analysts added that such greater economic issues present a challenge to "what we believe is strong strategic and operating execution" among many leading chip companies. With regards to the companies themselves, Ellis and Mani made the following

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Marvell Tech, Lam Research among chip stocks in raft of downgrades at B. Riley