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Top-rated chipmaker Inphi ( IPHI ) is staging a breakout past a secondary entry point in the stock market today after receiving some positive analyst ratings. The bullish reports come as Inphi announced the immediate production availability of a new chip product for data centers’ high-speed networks. Among the wave of analyst ratings moves, Deutsche Bank upgraded the stock to buy from hold and raised its price target to 40, while B. Riley initiated coverage on Inphi with a buy rating and a target of 38.50. Northland Securities raised its price target to 36 and maintained its outperform rating. Inphi shares closed Tuesday at 30.61. The stock gapped up 6.1% to 32.51 in heavy volume Wednesday, breaking out of a cup base with a 32.42 buy point intraday and hitting a new all-time high. Shares are in buy range to 34.04, which is 5% past the pivot. Last week, shares cleared a double-bottom entry at 28.54, and are now extended from that pivot. Apple, Tesla Suppliers In Buy Range Inphi’s breakout comes one week after several Apple ( AAPL ) and Tesla ( TSLA ) chip suppliers broke out. Tesla supplier Nvidia ( NVDA ) is still trading in buy range after breaking out of a cup-with-handle base last week. Nvidia shares hit a new eight-year high in above-average turnover on Wednesday, rising 1.4%. Apple supplier Microsemi ( MSCC ) is also still in buy range after its breakout from a cup-with-handle base last week. Microsemi shares are trading about 5% below their high reached in November, rising 0.2% intraday Wednesday. And fellow Apple supplier Broadcom Limited ( AVGO ) is extended from double-bottom entry cleared earlier this month, but it’s still in buy range from an alternate entry cleared last week. Broadcom shares dipped 0.6% intraday. Meanwhile, Apple shares rose 0.3% Wednesday, and Tesla slid 3.2%. Scalper1 News
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