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5 Tech Stocks Hitting 52-Week Highs: NVLS, HIT, RHT, EMC, TSM

NEW YORK ( TheStreet) - Shares of technology companies Taiwan Semiconductor (TSM - Get Report), Novellus (NVLS), EMC (EMC - Get Report), Red Hat (RHT - Get Report) and Hitachi (HIT) all hit 52-week highs on Tuesday.

Taiwan Semiconductor

Shares of Taiwan Semiconductor hit a 52-week high Tuesday of $15.51. The stock's 52-week low of $10.75 was set on Aug. 18.

Taiwan Semiconductor shares trade at an estimated price-to-earnings ratio for next year of 13.9X; the average for semiconductor companies is 23.13X. For comparison, United Microelectronic (UMC) has a lower forward P/E of 13.28X.

Six of the eight analysts who cover Taiwan Semiconductor rate it at hold; two analysts give the stock a buy rating.

TheStreet Ratings gives Taiwan Semiconductor an A+ grade with a buy rating and $17.36 price target. The stock has risen 19.13% year to date.

Analyst comment:

"TSMC believes supply chain inventory will return to seasonal levels by March vs prior expectations of 2Q12," Bank of America Merrill Lynch analysts wrote in a March 15 report. "Whether inventory overshoots in the June quarter will depend on end-demand, it said. Nevertheless, TSMC expects upside to its current capex budget ($6bn), which is driven by 28nm demand and early-ramp yields."

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EMC $26.19 0.11%
RHT $71.45 -1.24%
TSM $23.42 0.43%
NVLS $4.46 -0.89%
AAPL $94.19 -1.04%


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