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The U.S. stock market has defied many analysts’ expectations, with the benchmark S&P 500 Index rallying 40% from the bottom March 23.
In fact, it’s been the best 50-day rally ever, according to analysts at LPL Financial Research.
The iShares PHLX Semiconductor ETF US:SOXX has fared even better, returning 44% from March 23 through June 3. The ETF, which holds all 30 stocks that make up the market-capitalization-weighted PHLX Semiconductor US:SOX is now up 5% for 2020, while the S&P 500 is down 2.5%.
This isn’t a recent story. Here’s how the ETF has performed against the S&P 500 US:SPX over the past five years:
FactSet
The outperformance may continue. According to Brad Neuman of Alger Investments, there’s a 50-year technological revolution in “connected intelligence,” with an incredible expansion of data processing. That means gravy for semiconductor designers, manufacturers and equipment makers.
The S&P 500 itself has been performing well, led by tech giants — Apple Inc. US:AAPL, Microsoft Corp. US:MSFT, Amazon.com Inc. US:AMZN, Apple Inc. US:AAPL, Alphabet Inc. US:GOOG and Facebook Inc. US:FB — which together make up about 22% of the index’s total market cap.
Not all semiconductor stocks have recovered from declines since Feb. 19, which marked the low in prices.
So here are two lists, one showing stock performance for all 30 SOXX components this year, and the second summarizing sell-side analysts’ opinions of the group.
Here are the 30 components of SOXX, sorted by how much of the portfolio they make up:
| Company | Ticker | Share of SOXX portfolio | Total return – Feb. 19 through March 23 | Total return – March 23 through June 3 | Total return – 2020 |
| Nvidia Corp. | US:NVDA | 11.0% | -32% | 65% | 49% |
| Intel Corp. | US:INTC | 8.5% | -26% | 26% | 5% |
| Texas Instruments Inc. | US:TXN | 7.5% | -26% | 30% | 1% |
| Qualcomm Inc. | US:QCOM | 7.4% | -30% | 36% | -3% |
| Broadcom Inc. | US:AVGO | 6.8% | -38% | 60% | 0% |
| Advanced Micro Devices Inc. | US:AMD | 5.3% | -29% | 27% | 15% |
| Taiwan Semiconductor Manufacturing Co. ADR | US:TSM | 4.1% | -21% | 17% | -8% |
| Lam Research Corp. | US:LRCX | 4.1% | -42% | 50% | -1% |
| Micron Technology Inc. | US:MU | 4.0% | -36% | 28% | -9% |
| KLA Corp. | US:KLAC | 3.9% | -32% | 61% | 5% |
| Analog Devices Inc. | US:ADI | 3.6% | -31% | 44% | 4% |
| Applied Materials Inc. | US:AMAT | 3.6% | -40% | 44% | -5% |
| Xilinx Inc. | US:XLNX | 3.3% | -21% | 33% | -2% |
| ASML Holding NV ADR | US:ASML | 3.3% | -27% | 49% | 18% |
| NXP Semiconductors NV | US:NXPI | 3.3% | -43% | 40% | -14% |
| Microchip Technology Inc. | US:MCHP | 2.8% | -40% | 67% | 5% |
| Skyworks Solutions Inc. | US:SWKS | 2.6% | -37% | 70% | 6% |
| Marvell Technology Group Ltd. | US:MRVL | 2.6% | -25% | 90% | 36% |
| Maxim Integrated Products Inc. | US:MXIM | 2.2% | -27% | 33% | 0% |
| Qorvo Inc. | US:QRVO | 1.6% | -33% | 63% | -3% |
| Teradyne Inc. | US:TER | 1.6% | -32% | 58% | 6% |
| Monolithic Power Systems Inc. | US:MPWR | 1.2% | -25% | 63% | 28% |
| Entegris Inc. | US:ENTG | 1.0% | -31% | 55% | 24% |
| ON Semiconductor Corp. | US:ON | 0.9% | -45% | 64% | -23% |
| MKS Instruments Inc. | US:MKSI | 0.8% | -37% | 49% | 0% |
| Cree Inc. | US:CREE | 0.7% | -32% | 72% | 23% |
| Cirrus Logic Inc. | US:CRUS | 0.6% | -32% | 32% | -13% |
| Silicon Laboratories Inc. | US:SLAB | 0.6% | -29% | 27% | -18% |
| Cabot Microelectronics Corp. | US:CCMP | 0.6% | -44% | 69% | 7% |
| Semtech Corp. | US:SMTC | 0.4% | -27% | 51% | 2% |
| Source: FactSet | |||||
Scroll the table to see all the data. Click on the tickers for more about each company, including news coverage and profiles.
Here’s the list again, this time sorted by implied 12-month upside potential, based on the consensus price targets of analysts polled by FactSet:
| Company | Ticker | Share ‘buy’ ratings | Share neutral ratings | Share ‘sell’ ratings | Closing price – June 3 | Cons. price target | Implied 12-month upside potential |
| Micron Technology Inc. | US:MU | 80% | 17% | 3% | $48.92 | $59.60 | 22% |
| Applied Materials Inc. | US:AMAT | 79% | 21% | 0% | $57.81 | $68.75 | 19% |
| Silicon Laboratories Inc. | US:SLAB | 54% | 46% | 0% | $94.81 | $111.60 | 18% |
| Cirrus Logic Inc. | US:CRUS | 55% | 45% | 0% | $72.06 | $82.38 | 14% |
| Qualcomm Inc. | US:QCOM | 59% | 31% | 10% | $84.11 | $92.28 | 10% |
| MKS Instruments Inc. | US:MKSI | 71% | 29% | 0% | $109.20 | $119.43 | 9% |
| Nvidia Corp. | US:NVDA | 78% | 15% | 7% | $350.78 | $379.96 | 8% |
| Semtech Corp. | US:SMTC | 77% | 23% | 0% | $54.01 | $58.46 | 8% |
| Lam Research Corp. | US:LRCX | 80% | 20% | 0% | $286.89 | $307.83 | 7% |
| NXP Semiconductors NV | US:NXPI | 72% | 28% | 0% | $108.55 | $113.96 | 5% |
| Microchip Technology Inc. | US:MCHP | 82% | 18% | 0% | $108.79 | $113.47 | 4% |
| Intel Corp. | US:INTC | 37% | 51% | 12% | $61.93 | $64.05 | 3% |
| Qorvo Inc. | US:QRVO | 56% | 44% | 0% | $112.99 | $116.62 | 3% |
| Analog Devices Inc. | US:ADI | 70% | 26% | 4% | $121.62 | $125.05 | 3% |
| Advanced Micro Devices Inc. | US:AMD | 45% | 47% | 8% | $52.73 | $52.86 | 0% |
| Taiwan Semiconductor Manufacturing Co. ADR | US:TSM | 65% | 29% | 6% | $53.06 | $52.80 | 0% |
| Xilinx Inc. | US:XLNX | 39% | 54% | 7% | $95.39 | $94.20 | -1% |
| Teradyne Inc. | US:TER | 53% | 35% | 12% | $72.32 | $70.65 | -2% |
| Maxim Integrated Products Inc. | US:MXIM | 22% | 65% | 13% | $60.56 | $58.78 | -3% |
| ON Semiconductor Corp. | US:ON | 52% | 36% | 12% | $18.83 | $18.18 | -3% |
| Marvell Technology Group Ltd. | US:MRVL | 78% | 15% | 7% | $35.96 | $34.72 | -3% |
| Entegris Inc. | US:ENTG | 80% | 20% | 0% | $61.97 | $59.44 | -4% |
| Broadcom Inc. | US:AVGO | 77% | 23% | 0% | $309.53 | $296.81 | -4% |
| KLA Corp. | US:KLAC | 57% | 43% | 0% | $186.05 | $177.00 | -5% |
| Texas Instruments Inc. | US:TXN | 34% | 57% | 9% | $127.21 | $117.81 | -7% |
| Cabot Microelectronics Corp. | US:CCMP | 40% | 40% | 20% | $154.02 | $142.25 | -8% |
| Monolithic Power Systems Inc. | US:MPWR | 83% | 9% | 8% | $227.41 | $209.11 | -8% |
| ASML Holding NV ADR | US:ASML | 65% | 29% | 6% | $346.30 | $317.14 | -8% |
| Cree Inc. | US:CREE | 43% | 50% | 7% | $56.80 | $51.08 | -10% |
| Skyworks Solutions Inc. | US:SWKS | 55% | 41% | 4% | $127.26 | $114.00 | -10% |
| Source: FactSet | |||||||
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