“A frown turned upside down,” analysts at
Barclays
wrote in a Monday report as they detailed an outlook for semiconductor companies into 2023—one that is “getting more positive” with upgrades and more optimistic price targets for some big names.
“Our New Year’s resolution was to get more positive on the group after being extremely negative for nearly all of 2022,” the Barclays analysts wrote. “We still see this correction as the worst since the [2000] Tech Bubble, we are modeling estimates below for nearly every name in our coverage even without a macro downturn.”