not vested
Citi Upgrades SMIC (00981.HK) to Neutral, TP Hikes to $212023/05/16
Citi Research upgraded SMIC (00981.HK) from Sell to Neutral, and lifted its target price from $16 to $21 in a report.
Citi noted that SMIC's first quarter revenue declined 10% QoQ and gross margin was 20.8%, which was in line with guidance.
Revenue for the second quarter is expected to grow by approximately 6% QoQ, with a 20% median gross margin, which is better than expected.
Citi suggested that SMIC's recent trough is over, with its better bottoming out momentum driven by increasing demand for new products from Mainland customers amidst the decoupling trend.
The broker also expected the chipmaker's mainland customer market share growth to continue in consumer applications, and that the inventory build will continue for several quarters.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... 266663/all
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