Atmel (Nasdaq:ATML), Broadcom (Nasdaq:BRCM), Int'l Rectifier (NYSE:IRF), QUALCOMM (Nasdaq: QCOM), Maxim (Nasdaq:MXIM) Get Positive Sentiment from FBR

FBR had a number of positive takeaways from the CES, and among them was positive sentiment on Atmel (Nasdaq:ATML), Broadcom (Nasdaq:BRCM), Int'l Rectifier (NYSE:IRF), QUALCOMM (Nasdaq: QCOM) and Maxim (Nasdaq:MXIM), among many others.

They raised earnings per share and/or price targets on the companies named, and see some real competition coming agains Apple's (Nasdaq:AAPL) iPhone.

FBR said, "We attended our ninth consecutive Consumer Electronics Show in Las Vegas last week to assess demand trends and the latest round of gadgets. Most prevalent this year were tablets and smartphones (and touchscreens), 'wireless everything,' connected TVs and other content delivery devices, and even electronicized automobiles. Clearly, tablets are the latest craze, with more than 150 different tablets in development around the world. Only a handful of these devices will be successful en masse, thus meaning the other 140 devices will be 'me-too' flops. We saw beautiful, state-of-the-art smartphones from LG, Motorola (NYSE: MOT), Samsung, HTC, and others, with some of those devices finally sleek enough to provide real competition to the Apple iPhone. QUALCOMM, Broadcom, Atmel, Nvidia (Nasdaq: NVDA), and Maxim are five chip stocks with meaningful smartphone exposure. 'Wireless everything' continues to be thematic with Wi-Fi, Bluetooth, 4G LTE, NFC (near-field communications used for e-wallet and security functions), and even wireless USB proliferating throughout a host of brand-new devices that previously did not exist, a primary reason for better-than-typical electronics demand trends of late (a trend that could certainly continue in coming years). Content delivery devices and connected TVs are proliferating, and while connected TVs will take years to become mainstream, this trend is a natural extension of broadband connectivity. Regarding demand trends, we think semiconductor demand is more resilient and robust than expected, likely setting up another round of 'beat and raise' earnings reports from chip firms following a less-than-seasonal 2H10. We are raising EPS estimates and price targets on ATML, BRCM, and IRF, and are raising price targets on QCOM, NVDA, MXIM, ON Semi (Nasdaq: ONNN), Silicon Labs (Nasdaq: SLAB), and Atheros (Nasdaq: ATHR). Regarding chip stocks, while playing some defense could make sense following such a run higher since Labor Day, we do think a 'beat and raise' round of earnings results in late January, improving economic and manufacturing data, an inflow of cash from bonds to equities, and still reasonable chip firm valuations may mean that any profit-taking sell-off is short term in nature and a likely buying opportunity. We still expect the SOX to grind higher towards 475–500 by year-end 2011. Stocks to focus on for upside include BRCM, MRVL, MXIM, NSM, ONNN, FCS, and Int'l Rectifier (NYSE: IRF)."

Atmel was trading at $13.27, down $0.22, or 1.63 percent, as of 11:46 AM EST. Broadcom was at $45.23, up $0.34, or 0.76 percent. International Rectifier was up to $30.13, gaining $0.13, or 0.43 percent. QUALCOMM was at $51.99, up $0.26, or 0.50 percent. Maxim was at $24.33, up $0.34, or 1.42 percent.