2015全美研究团队:半导体资本设备，No. 1: James Covello

高盛(Goldman, Sachs & Co.)研究员詹姆斯Covello自2009年以来，他每年都成功地保住了自己的最高职位，客户们由衷地为他的完全知情的独立性欢呼。“他一直是这个领域中最优秀的主题分析师之一，”一位投资组合经理表示，他提供“具有相当多经验的高质量想法”。特别是,另一个投资者回忆说,这位42岁的研究员”将半导体行业在2014年8月,在微芯片[技术]预报负面,英特尔公司。第一季度的损失惨重，内存价格开始内爆。市场基本面的低迷现在已得到广泛承认——吉姆选择的时机再有预见性不过了。”事实上，第三位投资人说:“吉姆是一位非常透彻的分析师，他非常了解半导体和半导体资本设备行业。他的卖出英特尔股票的建议证明了他的信念的勇气。在此之前的一段时间里，他因为这一建议遭到了严厉的批评，结果证明他的建议是正确的。我非常尊敬吉姆。”去年8月，Covello曾预测该行业过热。例如，他指出，最近一个季度芯片出货量超过正常需求5%，半导体营收增长速度也快于许多关键终端市场的增速。与此同时，他重申了三年来对英特尔(Intel)的卖出评级。英特尔是总部位于加州圣克拉拉的半导体制造商。 Throughout, he has stayed with his buy rating on Freemont, California’s Lam Research Corp. The supplier of wafer fabrication equipment and services to the semiconductors industry is a long-standing favorite among the eight companies the analyst monitors in this space, in part thanks to its relatively low level of exposure to Intel. In the spring he encouraged clients to buy Lam on a dip, advising that it was suffering a knock-on effect of weak semiconductors’ fundamentals and that orders should pick up on an uptick in capital expenditures. He is neutral on this sector but believes that “overall industry capital spending will increase in 2015, driven by technology inflections — in particular, 3D NAND. Semi memory makers such as Samsung [Electronics Co.] and Intel/Micron are starting to aggressively ramp up 3D NAND production, and the semi equipment companies are the primary beneficiaries of this product cycle. Intel has cut capex several times this year, and that is offsetting some of the strength in the market from the 3D NAND transition, but we continue to believe overall spending will increase year over year in 2015.”