Goldman Sachs Initiates Coverage on U.S. Semiconductor Firms with Neutral, Buy Ratings

Goldman Sachs has initiated coverage on several U.S. semiconductor companies, assigning mostly Neutral ratings amid a mid-cycle phase in the semiconductor capital equipment and storage sectors characterized by stable revenues and balanced risks. OnSemi received a Neutral rating with a price target of $60, amid expectations that the analog segment will realign with trendline shipment levels within 12 to 18 months. Amkor Technology was also rated Neutral with a $20 price target, with the firm noting more downside risks than upsides but stable revenue prospects through 2026 and viewing China as an opportunity. Western Digital received a Neutral rating and a $70 price target, with optimism on NAND memory recovery but potential downside risks outweighing opportunities. Lam Research was given a Buy rating with a $115 target, reflecting more positive sentiment within the same stable revenue environment and the anticipated rebound in the hard-disk-drive cycle by 2026. Goldman Sachs also started coverage on ARM with a Neutral rating and a $160 price target, highlighting positive prospects in merchant silicon and electronic design automation sectors linked to AI capital spending, despite an evolving investment cycle.