KeyBanc Capital Markets raises concerns over Apple's valuation. Proprietary data shows initial cracks in the bulls' growth view as US hardware demand reverts to normal seasonality.
Analyst Brandon Nispel maintains a Sector Weight rating. Indexed spending fell 16% month-over-month in April, below the three-year average decline of 12%.
KeyBanc says future growth must come from international markets, especially China and Asia-Pacific, where data visibility is limited.
Bank of America reiterates Buy on TSMC with a target of NT$2,560. It argues recent concerns are overdone as TSMC's scale and technology lead widen.
KB Securities raises price targets on SK Hynix and Samsung Electronics due to structural supply shortage from AI investment. It projects SK Hynix 2026 operating profit at 277 trillion won.
Daiwa downgrades AMD to Outperform from Buy, citing 150% gain in 60 days. Price target raised to $500 from $250 after strong Q1 earnings beat.
HSBC upgrades Cisco to Buy with a target of $137. AI infrastructure orders hit $1.9 billion in the quarter, up from $600 million.
