NEW YORK ( TheStreet) -- Magnachip Semiconductor (MX) and Axcelis Technologies (ACLS - Get Report) are among 12 semiconductor stocks that could see significant gains in the coming year.
Global semiconductor sales rose 1.3% to $25 billion in May from a yeatr earlier, supported by demand for tablets and e-readers. Sales were up 1.8% sequentially from April.
The Asia-Pacific region recorded the strongest sequential sales growth: 3.6%. Looking ahead, the Semiconductor Industry Association (SIA) reaffirmed its global semiconductor sales growth forecast of 5.4% for 2011.
As per data compiled by global trade association Semiconductor Equipment and Materials International (SEMI), semiconductor companies will invest a record $44 billion in 2011 in production equipment worldwide.
Average price targets of analysts surveyed by
imply that these stocks could rise from 7.5% to 71% over the coming year.
The stocks are listed in ascending order of upside implied by consensus price targets.