Compared with the previous quarter, patient investors have some good opportunities.
Microchip remains our top pick.
Wait for a pullback in the sector, which currently has one of its highest price/fair value ratios since 2007.
No attractively priced subsectors, but cybersecurity is a hot topic.
We'd seek a wider margin of safety before investing in this wide-moat firm.
Brian Colello shares what makes these stocks stand out.
Opportunities now most common in software and online media.
Second-quarter results for the wide-moat firm were ahead of our expectations.
The leader in automotive and power semiconductors is undervalued, in our view.
We expect U.S.-China trade talks to lead to greater end product demand down the road.
At this point, it looks like more a blip than a roadblock.
Online media also looks like a compelling value.
The market pullback has created opportunities for long-term investors.
For investors willing to weather the storm in the semiconductor space, we like Intel, KLA-Tencor, and Lam Research.
It remains an industry leader in RF chips with an improving position in 5G.
Cloud computing, trade wars, and M&A remain hot topics in the tech sector.
We see the short-term sell-off as a long-term buying opportunity.
We may lower our fair value estimate on VMWare once the $11 billion dividend is paid to reflect the major hit to its cash balance.
Overall, we view the Tech sector as slightly overvalued.
U.S. telecom consolidation is in the works with a T-Mobile-Sprint merger.
Though the narrow-moat stock has a positive moat trend, we're skeptical that it can carve out a wide moat.
Production in the 80 million range would be entirely reasonable and is not an indication that iPhone end customer demand (and thus revenue) will be significantly lower than last year.
The narrow-moat firm's results were solid, and its fourth quarter forecast is in line with our expectations.
We view Microchip as one of the best-run companies in the microcontroller market.
We plan to modestly raise our fair value estimate for the narrow-moat firm.
Our big takeaway from Apple earnings is that consumers still want iPhones and the accessories and services that go with it.
The sector looks modestly overvalued as a whole, but there are some attractive firms in enterprise software and IT services.
We see value in several firms as consumers migrate away from traditional TV bundles and Europe invests in fiber and 4G.
With many technology names trading well above our fair value estimates, the recent pullback in the sector isn’t a huge surprise.
Now that the Qualcomm acquisition appears dead, we expect Broadcom to remain on the hunt for semiconductor M&A.
The wide-moat firm's post-earnings sell-off tied to near-term revenue deceleration is providing an attractive entry point for long-term investors.
We're raising our fair value estimate on the narrow-moat firm.
The firm's decision to adopt a more aggressive capital structure was the biggest surprise in Apple's results.
There's little evidence that customers are switching away from Apple toward Android-based devices, and this customer lock-in remains the source of Apple’s narrow moat.
We don't expect the firm's larger U.S. cash balance to lead to exponential increases in dividends and buybacks.
We're not anticipating an exponential increase in the narrow-moat firm's dividend or buyback plans, given Apple's historically conservative nature.
We see no signs of this trend slowing.
M&A, cloud competing are the hot topics in tech.
But both firms still need scale to compete long term against Verizon and AT&T.
We estimate that Broadcom can raise its bid price as high as $85 per share and still find the acquisition to be quite accretive.
We would probably raise our fair value estimate for Broadcom--perhaps as much as 25%--if a definitive deal were reached.
The iPhone X is staying hot, and we're raising our fair value estimate of the narrow-moat firm.
We will maintain our $203 fair value estimate for narrow-moat Broadcom for now, but we suspect that our valuation would rise if a deal were to go through.
The tech giant had strong sales across its product line while its guidance implies that demand for the pricey iPhone X is robust.
We see no signs of dividend growth slowing down for this tech firm, but view the stock as slightly overvalued today.
Semiconductor equipment appears overvalued as booming near-term orders won't last forever, while some value remains in SaaS vendors.
The AT&T-Verizon duopoly is being undermined at the margin by T-Mobile and Sprint. Plus, the French telecom market has stabilized.
Brian Colello says he'll be keeping an eye on early sales of the iPhones, and he sees the firm as overvalued today.
We're boosting our fair value estimate based on improved iPhone pricing and gross margin assumptions.
Upbeat guidance implies Apple is confident it can meet demand for its new phones.