Nvidia, Broadcom lead chip decline as Barclays gets cautious on AMD, Intel ahead of Q2
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Nvidia (NASDAQ:NVDA) and Broadcom (NASDAQ:AVGO) led the chip sector lower on Monday after investment firm Barclays Capital cut the price targets on Advanced Micro Devices (NASDAQ:AMD) and Intel (NASDAQ:INTC) noting weakness in notebook computers during June. 
Nvidia (NVDA) fell nearly 4% to $153.43, while Broadcom (AVGO) slipped almost 3% to trade at $486.59.
The shares of several other semiconductor companies also declined on Monday, as Qualcomm (QCOM), Skyworks Solutions (SWKS), Micron (MU) and Marvell (MRVL) lost
between 1% and 3% in mid-day trading. 
Barclays analyst Blayne Curtis lowered his price target on AMD (AMD) and Intel (INTC) to $85 and $40 from $115 and $45, respectively, pointing out that notebook production is now likely to fall 17% year-over-year, compared to a previous estimate of a drop of 12%.
"We are taking down estimates for both companies, but they may have to come down even further as these cuts are just starting," Curtis wrote in a note to clients, adding the firm sees "no reason to own these names until the size of the correction is better understood." 
A consensus of analysts expects AMD (AMD) to earn $1.04 per share on $6.52B in revenue during the second quarter, while Intel (INTC) is expected to earn $0.52 per share on $17.98B in sales.
AMD (AMD) and Intel (INTC) are slated to report second-quarter results on July 26 and July 28, respectively.
Advanced Micro Devices (AMD) fell slightly more than 2% to trade at $77.57, while Intel (INTC) fell around 1.5% to trade at $37.41.
Smartphone chipmaker Qorvo (QRVO) slipped 1% after investment firm Cowen downgraded shares, citing weakness in the Android market.
Last month, investment firm Morgan Stanley restarted coverage on Advanced Micro Devices (AMD) shares, noting the semiconductor company is in a position to gain market share in both cloud servers and PCs.