Semiconductor stocks hit new 52-week highs

The first-quarter semiconductor earnings season has begun, and the stock market is showing bullish sentiment as investors buy ahead of earnings releases. Xilinx (XLNX) is set to report its fiscal 2019 fourth-quarter earnings after the April 24 trading session, but the stock is rising ahead of the earnings release, showing investors’ optimism.

Semiconductor Stocks Hit New 52-Week Highs ahead of Earnings

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In the first half of April 24, Xilinx’s stock rose 2.8% and hit a new 52-week high of $141.6, which is 3% higher than its previous 52-week high of $137.46 and 13% higher than its median price target of $125. Bullish analysts expect the stock to grow another 9% to $156.

Texas Instruments 

While Xilinx rose ahead of earnings, Texas Instruments’s (TXN) stock rose after its first-quarter earnings. In the first half of April 24, TXN’s stock hit a new 52-week high of $118.99, which is 0.4% higher than its previous 52-week high of $118.48 and 6% higher than its median price target of $112.

TXN’s earnings also pushed rival Analog Devices’ (ADI) stock to a new 52-week high of $118.33, 2.1% higher than its previous high. Stocks of Maxim Integrated (MXIM) and Microchip (MCHP) also rose and are currently trading 4% to 5% below their 52-week highs.

KLA Corporation

Stocks of semiconductor manufacturing equipment supplier KLA Corporation (KLAC) hit a new 52-week high of $127.42 in the first half of April 24 as foundry TSMC (TSM) revealed its plans to invest in advanced nodes in its first-quarter earnings.

The above stock price movement pushed the VanEck Vectors Semiconductor ETF (SMH) to a new 52-week high of $120.71, which is 1.5% higher than its previous high of $118.88. Even though most chip companies are set to report large earnings dip in the first quarter, investors are betting on the second-half growth uptick.

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