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    Tristan Gerra

    Senior Research Analyst at Robert W. Baird & Co.

    Tristan Gerra is a Senior Research Analyst at Robert W. Baird & Co., specializing in semiconductor components and technology sector research. He covers a broad range of leading companies including Micron Technology, Texas Instruments, STMicroelectronics, Advanced Micro Devices, Lattice Semiconductor, ON Semiconductor, and Seagate Technology, and has issued over 630 documented price targets with a price target met ratio of 64%. Gerra maintains an average annual return of 4.2% per rating and a success rate of 45%, consistently ranking among the top Wall Street analysts and earning distinction as the No. 3 earnings estimator in Semiconductors & Semiconductor Equipment by StarMine. After beginning his career at Dean Witter Reynolds, he held analyst roles at Montgomery Securities, Prudential Securities, and Soundview Technology Group before joining Baird in 2004; his credentials include an MBA from San Francisco State University and an undergraduate degree from Sorbonne University.

    Tristan Gerra's questions to DIODES INC /DEL/ (DIOD) leadership

    Tristan Gerra's questions to DIODES INC /DEL/ (DIOD) leadership • Q2 2025

    Question

    Tristan Gerra asked about the significance of PCIe packet switches to the company's AI-related growth and whether this opportunity is expanding. He also questioned Diodes' pricing strategy in light of competitors raising prices and sought an update on the timeline for migrating production to in-house facilities.

    Answer

    SVP of Worldwide Sales and Marketing, Emily Yang, confirmed that PCIe packet switches are a key driver but part of a broader AI ecosystem opportunity that is expanding into industrial and security applications. She emphasized that Diodes' strategy is to maintain stable pricing to build long-term partnerships, viewing competitor price hikes as an opportunity to gain share. President & CEO, Gary Yu, added that the qualification of internal wafer fabs is progressing well with key customers, which is a critical initiative for the company.

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    Tristan Gerra's questions to DIODES INC /DEL/ (DIOD) leadership • Q1 2025

    Question

    Tristan Gerra of Baird inquired about the specific catalysts and potential headwinds for gross margin improvement in the second half of the year, including the impact of in-sourcing. He also asked if Diodes sees an opportunity to acquire manufacturing assets from peers and whether channel inventories have fully normalized to target levels.

    Answer

    Executive Emily Yang explained that gross margin improvement will be driven by increased internal loading, higher revenue, manufacturing cost reductions, and an improved product mix, despite slower customer qualifications and some price pressure. Executive Gary Yu stated that Diodes' current capacity is stable and they are focused on optimizing utilization rather than acquiring new assets, with Executive Brett Whitmire adding that peer disruption is seen as a top-line opportunity. Regarding inventory, Emily Yang confirmed it is still slightly above the 11-14 week target but is at a comfortable level to support expected second-half growth.

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    Tristan Gerra's questions to DIODES INC /DEL/ (DIOD) leadership • Q3 2024

    Question

    Tristan Gerra inquired about automotive pricing negotiations for next year and how the company balances taking on potentially lower-margin business to improve factory utilization. He also asked about the materiality of the company's PCIe packet switch products for growth into next year.

    Answer

    Executive Emily Yang described automotive pricing as stable, with a 1-2% quarterly decline already factored into their model. She explained that the company evaluates overall account margin and strategic potential rather than a strict margin threshold for new business, balancing it with factory loading needs. Executive Gary Yu added that the focus remains on new product introductions. Regarding PCIe switches, Emily Yang noted that while it's still early in the deployment cycle, momentum is strong in AI servers and related subsystems, and she expects it to be a significant growth driver in 2025.

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    Tristan Gerra's questions to Seagate Technology Holdings (STX) leadership

    Tristan Gerra's questions to Seagate Technology Holdings (STX) leadership • Q4 2025

    Question

    Tristan Gerra from Baird asked whether a normalization of NAND production costs could create future pressure on HDD demand, or if Seagate's HAMR technology will maintain a sufficient cost-per-terabyte advantage.

    Answer

    CEO Dave Mosley asserted that Seagate's technology roadmap, which continuously increases drive capacity, maintains a strong value proposition for mass data storage. He argued that the fundamental economics and massive capital required to replace HDD exabytes with NAND mean the architectural roles of HDD and NAND in the cloud are not changing significantly.

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    Tristan Gerra's questions to Seagate Technology Holdings (STX) leadership • Q3 2025

    Question

    Tristan Gerra asked if Seagate is increasing CapEx to ramp capacity following the recent supply shortfall and whether any capacity ramp plans are being paused due to tariff uncertainties.

    Answer

    CEO Dave Mosley clarified that the previous supply issue was specific to PMR products and that the CapEx for the HAMR ramp is already planned and sufficient. CFO Gianluca Romano added that the strategy is not to add more head and media production lines but to generate more exabytes from existing lines through technology transitions, which is a more capital-efficient way to meet growing demand.

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    Tristan Gerra's questions to RAMBUS (RMBS) leadership

    Tristan Gerra's questions to RAMBUS (RMBS) leadership • Q2 2025

    Question

    Tristan Gerra of Robert W. Baird & Co. asked if the quarter's customized IP revenue was primarily for custom ASICs and inquired about the typical timeline between IP licensing and product ramp. He also sought to confirm if the growing new product revenue was mainly from companion chips tied to a specific platform.

    Answer

    CEO Luc Seraphin confirmed the customized IP is mostly for custom ASICs targeting the AI market, with revenue typically recognized 12-24 months before the customer's product ramps. He clarified that the new product revenue growth comes from a combination of all eight companion chips introduced last year, not just for one specific platform, and that different customers are at different stages of adoption.

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    Tristan Gerra's questions to RAMBUS (RMBS) leadership • Q1 2025

    Question

    Tristan Gerra asked for the outlook on operating margin and whether the Q1 mid-single-digit price erosion on products was typical or influenced by unique factors.

    Answer

    CFO Desmond Lynch stated that he expects the second-half chip gross margin to improve and that the overall business model will continue operating at a mid-40% operating income level with strong cash generation. He confirmed that the mid-single-digit price erosion is a normal, annual cycle and was in line with the company's expectations, reiterating that Rambus's pricing is not directly tied to DRAM supply-demand dynamics.

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    Tristan Gerra's questions to RAMBUS (RMBS) leadership • Q4 2024

    Question

    Tristan Gerra sought clarity on the drivers for H2 2025 product revenue acceleration and asked how the company views the impact of non-module architectures like NVIDIA's Grace.

    Answer

    CEO Luc Seraphin and CFO Desmond Lynch explained the H2 2025 ramp will be driven by a combination of new server platforms with more memory channels and a larger design footprint for Rambus's new companion chips. Seraphin noted that NVIDIA's Grace platform serves a niche market and is not expected to impact demand for standard server DIMMs.

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    Tristan Gerra's questions to LATTICE SEMICONDUCTOR (LSCC) leadership

    Tristan Gerra's questions to LATTICE SEMICONDUCTOR (LSCC) leadership • Q1 2025

    Question

    Tristan Gerra asked about the revenue lifecycle for the Nexus product line, questioning when it might roll over and how new products would offset that. He also asked about the risk of inventory obsolescence and if the cautious outlook could prompt a more acquisitive M&A strategy.

    Answer

    CEO Fouad Tamer explained that FPGAs have very long product ramps, with Nexus expected to accelerate in 2026 and Avant in 2027, ensuring sustained growth. CFO Lorenzo A. Flores added that the long-lived nature of FPGAs means inventory obsolescence is not a significant concern. Regarding M&A, Tamer stated the primary focus is organic growth, but they will consider inorganic opportunities that offer good shareholder value.

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    Tristan Gerra's questions to LATTICE SEMICONDUCTOR (LSCC) leadership • Q1 2025

    Question

    Tristan Gerra questioned when revenue from the Nexus product family might roll over and asked about the potential for inventory obsolescence. He also inquired if the macro outlook would make Lattice more acquisitive.

    Answer

    CEO Fouad Tamer and CFO Lorenzo A. Flores explained that FPGAs have very long product lives (20-30 years), with Nexus revenue expected to accelerate in 2026 and Avant in 2027. Flores stated that inventory obsolescence is not a significant concern. On M&A, Tamer said the primary focus is organic growth, but they will continue to evaluate inorganic opportunities that provide good shareholder value.

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    Tristan Gerra's questions to LATTICE SEMICONDUCTOR (LSCC) leadership • Q3 2024

    Question

    Tristan Gerra of Robert W. Baird & Co. asked about Lattice's long-term product roadmap, specifically if a successor to the Nexus platform is planned, and requested details on the company's traction and revenue sustainability in the AI market.

    Answer

    CEO Ford Tamer confirmed that Lattice is doubling down on its small and mid-range FPGA segments, with more to be revealed at the upcoming developer conference. He noted that AI revenue is growing as a percentage of total sales, highlighting significant design wins in servers, where one OEM partner uses over 50 Lattice devices per rack, and increasing adoption in clients, automotive, and industrial applications.

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    Tristan Gerra's questions to SEMTECH (SMTC) leadership

    Tristan Gerra's questions to SEMTECH (SMTC) leadership • Q3 2025

    Question

    Tristan Gerra inquired about the outlook for free cash flow generation and the company's debt leverage ratio targets for next year. He also asked if Coherent's NVIDIA-based DSP announcement creates new TIA content opportunities for Semtech.

    Answer

    Executive Mark Lin noted strong Q3 free cash flow of $29.1 million and stated the company will continue to prioritize debt repayment, suggesting annualizing current EBITDA could indicate future leverage ratios. CEO Hong Hou confirmed that Semtech expects to have content in all DSP-retimed transceivers, including new ones, and that this market remains a core driver of data center revenue growth.

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    Tristan Gerra's questions to Luminar Technologies, Inc./DE (LAZR) leadership

    Tristan Gerra's questions to Luminar Technologies, Inc./DE (LAZR) leadership • Q3 2024

    Question

    Tristan Gerra asked when software might become the primary revenue contributor for Luminar. He also questioned how a potential industry shift from EVs to hybrids would impact the company's revenue pipeline and asked for an update on engagements with other OEMs like Nissan and those in China.

    Answer

    CEO Austin Russell projected that software would become a significant part of the business in the second half of the decade, roughly three years behind the LiDAR hardware timeline. CFO Tom Fennimore stated that Luminar is powertrain-agnostic but acknowledged near-term headwinds from an industry-wide pause in LiDAR decisions as OEMs re-evaluate platform strategies. He confirmed ongoing relationships and progress with other OEM partners.

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    Tristan Gerra's questions to Knowles (KN) leadership

    Tristan Gerra's questions to Knowles (KN) leadership • Q3 2024

    Question

    Tristan Gerra of Robert W. Baird & Co. inquired about broader macroeconomic demand patterns, including consumer, and the pricing environment for high-end capacitors outside of the Cornell business. He also asked for the sequential Q4 outlook for the Precision Devices segment's various end markets.

    Answer

    President and CEO Jeffrey Niew responded that the consumer-facing business is performing as expected and that pricing is stable in the Medtech & Specialty Audio segment. For the Precision Devices segment, he sees pricing opportunities in defense and stability in capacitors, supported by sole-source positions. For the Q4 sequential outlook, Mr. Niew projected modest overall growth for PD, driven by increases in defense and medtech, with electrification and industrial expected to be flat.

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