MPWR’s AI power franchise can compound as data-center architectures shift toward higher power density, while broadening demand supports estimate upside.
The setup is demanding: elevated expectations leave little room for execution slippage, while competitive and valuation risks could cap upside.
Analogs: Wells likes MPWR/ALGM/ADI into 3Q despite tougher beat/raise expectations
Wells says analog sentiment has cooled, but strong beat/raise expectations still make the group setup demanding; preferred risk/reward is MPWR, ALGM and ADI.
MPWR should beat/raise again, with 2026 Enterprise Data growth now >145% y/y vs. ≥130% prior; ALGM’s ~25% pullback creates a better setup as data-center demand stays strong and auto recovers; ADI should benefit from industrial recovery + DC strength.
The focus on 800V DC adoption for power is favorable for the company.
Citi expects OCP to highlight a shift from GPU-centric clusters toward heterogeneous GPU/CPU/ASIC/wafer-scale systems and open rack-scale standards, positive for AMD/MRVL/AVGO. Power should center on 800V DC adoption, favoring TXN/MPWR/AEIS/Delta, while con...
The company offers the strongest AI power exposure.
The company is considered a relative winner among Western companies due to its long product cycles, deep customer relationships, and highly integrated solutions, making it well-positioned to defend market share against Chinese competition.
Cowen continues to favor ALGM, ADI, IFX, and MPS as relative winners as China’s competitive pressure remains a slow-burn rather than a disruptive shift.
The firm upgrades the stock to Overweight, citing improving analog sentiment on easier 1H26 comps, end-demand-aligned shipments, replacement upside, and broadening enterprise and non-enterprise demand supporting upward estimate revisions.
AMAT / LRCX / KLAC / ADI / MPWR / HDDs / MU / SNDK: Wells Fargo Raises Multiple Names to OW on WFE, Analog, and Memory Upside
Wells Fargo reiterates AMAT as its top semi-cap pick for 2026 and upgrades LRCX and KLAC to Overweight, saying demand data point to tightening logic and memory supply that could drive a WFE acceleration in 2027, with the firm lifting CY26–CY27 WFE estimates...
Research through 2026-10-19 · 2026-01-15 to 2026-10-19 · 5 source reports.
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Research through 2026-11-03. Artifact validity does not establish factual accuracy or research freshness.