Needham analyst Rajvindra Gill offered his bullish take on two semiconductor stocks. Gill reiterated a Buy on Magnachip Semiconductor Corp (NYSE: MX) and a price target of $22. 2022 has plagued Magnachip with several issues, he acknowledged. Firstly, supply chain shortages have impacted the company for several quarters. Secondly, inventory building at distributor and retail levels is causing temporary order cuts at the large Korean customer. Thirdly, the new Chinese customer modified their desig
Chip manufacturer Magnachip Semiconductor (NYSE: MX) was falling 12.5% today as of 11:40 a.m. ET. The second-quarter 2022 earnings report is in, and the numbers beat expectations, but Magnachip added its voice to the chorus of semiconductor companies saying that parts of the tech hardware market are getting dicey. Specifically in Q2, Magnachip said revenue was $101.4 million, down 11% year over year due to supply chain issues for chips used in OLED displays (an industry factor that also negatively impacted OLED supplier Universal Display (NASDAQ: OLED) last week as well).
Magnachip (MX) delivered earnings and revenue surprises of 9.52% and 0.32%, respectively, for the quarter ended June 2022. Do the numbers hold clues to what lies ahead for the stock?