美国半导体_模拟半导体_将德州仪器（TXN）、芯源系统（MPWR）纳入第二阶段首选标的-US_Semiconductors_Analog_Semis_Move_TXN__MPWR_to_Top_Picks_in_Phase_2

CITI'S TAKE We move TXN and MPWR to top Buy-rated analog semis picks post earnings season. We believe the group is in Phase 2 of our cyclical framework where stocks with product cycles or self-help stories generally outperform the group (see Figure 1). We like TXN gross margin expansion potential as it approaches the end of its capital investment cycle and focuses R&D investments in the data center end market. On MPWR, we expect the company to outgrow the industry led by enterprise data sales product growth ...