Stifel raised the price target of several semiconductor stocks ahead of the companies’ earnings and highlighted key themes for investors in 2026.
Analysts led by Tore Svanberg recommended investors select a basket representative of three key themes in 2026.
Firstly, the analysts said that “hybrid” names, such as Monolithic Power Systems (MPWR), MACOM Technology Solutions (MTSI) and SiTime (SITM), which have material exposure to AI, but are actively gaining share in their non-AI target markets. The companies offer investors exposure to AI with additional support from supplementary end markets.
Secondly, Stifel noted that AI networking, with certain suppliers clearly providing differentiated products designed for system-level solutions — Astera Labs (ALAB) and Credo Technology (CRDO).
Thirdly, the analysts said that analog/Edge AI, with certain companies more leveraged towards the high-end of the analog industry with differentiated solutions — Analog Devices (ADI) — and/or levered towards Edge AI, which they believe will increasingly come into focus throughout theyear, mainly those with exposure to multiple secularly growing end markets such as medical and industrial — Ambiq Micro (AMBQ) and Silicon Laboratories (SLAB).
Price Target Changes
Analog Devices (ADI): Price target changed to $330 from $290 (Rating: Buy).
Microchip Technology (MCHP): To $90 from $80 (Buy).
MACOM Technology Solutions (MTSI): to $215 from $185 (Buy).
ON Semiconductor (ON): To $60 from $50 (Hold).
SiTime (SITM): To $400 from $360 (Buy).
Semtech (SMTC): To $90 from $80 (Buy).
Texas Instruments (TXN): To $200 from $170 (Hold).