Lattice Semiconductor Corp. will report its quarterly earnings on August 1. Rosenblatt expects 2Q22 sales to align with its consensus estimates and non-GAAP EPS above its consensus estimates.
The analyst saw 2Q22 influenced by continued ramps of new platforms within the Nexus platform as growth in Communications & Computing, Industrial & Auto, and Consumer continues.
Key points to look for during the earnings call include updates on supply chain shortages, inventory dynamics in the channel, consumer trends, and the Avant mid-sized FPGA ramp in 2H22.
For the 3Q22 guide, it saw the company guiding in line with its estimates, slightly below consensus estimates due to COVID-19-related shutdowns in China and some incremental weakness in the consumer part of the company’s business. It saw the issues already priced in and limited impact to next year’s estimates.
It saw Lattice as the only FPGA player innovating in small and upcoming mid-tier FPGAs. Rosenblatt maintained a Buy rating for LSCC and a $95 price target.
Monolithic Power Systems, Inc. will report its 2Q22 results on August 1, and Rosenblatt expects the results to be in line with its estimates which are consistent with consensus estimates.
The analyst saw 2Q22 being driven by high growth in Enterprise, along with continued growth in Compute & Storage and Communications. It saw the Consumer market benefiting from new traction in both commercial and higher-end platforms.
Rosenblatt expects the 3Q22 guide to come in line with its consensus estimates and with COVID-19-related shutdowns in China and incremental consumer weakness limiting upside. It saw the issues already priced in and limited impact to next year’s estimates.
Despite supply constraints, it saw MPS in a solid position to continue to outgrow the semiconductor industry by aggressively capturing 12-inch foundry supply, gaining higher value, higher content, and power “reconfigurable” chips, and capturing outsized design wins.
Rosenblatt believes Monolithic Power is at the center of a more robust power silicon cycle driven by fundamental shifts in data center AI-centric architectures, 5G, and Automotive. Rosenblatt reiterated a Buy rating and price target of $620.
