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10 Low P/E Semiconductor Stocks With Upside

6. FSI International (FSII) is a global supplier of surface conditioning equipment, and technology and support services for microelectronics manufacturing. The company's portfolio of batch and single-wafer cleaning products includes process technologies for immersion, sprays, vapor and CryoKinetics. FSI International has customers panning North America, Europe, Japan and the Asia-Pacific region.

During the second quarter ended Feb. 2011, revenue increased 62.5% to $30.7 million from $18.9 million owing to higher shipments to Europe related to improved spares and service and legacy products activity coupled with higher domestic shipments. Gross margin remained relatively flat at 42.4%. Net income surged to $4.9 million or 13 cents per share from $609,000 or 2 cents per share on the back of solid revenue growth. Analysts forecasted net income at 10 cents per share. At the end of Feb. 2011, the company had cash and cash equivalents of $31.8 million, a current ratio of 4.3 and no debt.

Going forward, the company expects third quarter orders to approach $40 million compared to $23.1 million in the second quarter. Moreover, revenue is estimated to exceed $30 million, while net income is expected at $4.5-$5.5 million.

Of the four analysts covering the stock, 50% recommend a buy, while 25% recommend a hold. On average, analysts estimate 38.6% upside to $6.13 in value from current levels. The stock was recently upgraded from a neutral to a buy with a price target of $5.75 at Dougherty & Co. It has already gained 18.2% during the past one year and is currently trading at a P/E of 10.5

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