Citi says the Semiconductor Industry Association announced over the weekend March monthly sales of $62.8B, up 16.0% month-over-month, above Citi’s estimate of $60.8B, due to stronger microprocessor and microcontroller sales. The firm maintains its 2025 semi sales forecast of up 8% year-over-year due to its belief of a below-seasonal second half of 2025 driven by a “tariff-induced recession.” Citi’s top picks are Analog Devices (ADI) and Texas Instruments (TXN), as it believes they are the most defensive names during a downturn. The firm’s other Buy-rated names include Broadcom (AVGO), Microchip (MCHP), Micron (MU) and NXP Semiconductors (NXPI).
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