JPMorgan Expects These 3 Semiconductor Stocks to Fly Higher
Last year was tough for technology stocks, with the tech-oriented NASDAQ index falling 33% by the end of 2022. The index has seen a sharp turnaround these last few months, however, and has posted a 16% gain year-to-date so far. And, with the overall index, there have been some consistent overperformers – which brings us round to the semiconductor chip stocks. The global chip spending reached $570 billion last year and is projected to reach $1 trillion per year by the end of the decade, indicating a strong growth trajectory for the chip sector as we enter the second half of 2023. In JPMorgans sector coverage, chip expert and 5-star analyst, Harlan Sur, provides insights: “Despite growing concerns on a slower economic backdrop, our positive view on semis/semicap/EDA fundamentals remains largely unchanged… demand fundamentals in CY23 continue to be constructive for strategic infrastructure (cloud/datacenter, telco, enterprise) and auto/industrial… Overall, we see the fundamental setup for 2023 progressing as we had anticipated, and we believe our covered companies are well-positioned to navigate through the current downcycle w/ a 2H inflection in fundamentals.” So lets dip into the TipRanks database, and check out the details on 3 semiconductor stocks that Sur sees set to fly