Other names that Wells Fargo viewed favorably were Marvell Technology (NASDAQ:MRVL), Cadence Design Systems (CDNS), Synopsys (SNPS), NXP Semiconductors (NXPI), Wolfspeed (WOLF), Ambarella (AMBA), Allegro MicroSystems (ALGM) and Rambus (RMBS).
Semiconductor companies that are tied to the smartphone space will likely underperform in a “risk-on type market,” with the firm reiterating its underweight rating on Qualcomm (QCOM).