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5 Chip Stocks JPMorgan Likes

Stocks in this article: INTC TXN ADI XLNX ONNN AMD

NEW YORK ( TheStreet) - Semiconductor stocks such as Intel (INTC - Get Report), Texas Instruments (TXN - Get Report), Xilinx (XLNX - Get Report), Analog Devices (ADI - Get Report) and ON Semiconductor (ONNN - Get Report) could see further upside, according to JPMorgan, which believes the PC market may be growing faster-than-expected.

Analyst Christopher Danely notes that inventories are being replenished and hard-disk-drive supply is ramping up. "Our industry checks indicate order rates from the PC end market continue to track ahead of expectations in 1Q12 due to inventory replenishment resulting from faster than expected ramp of hard disk drive supply," Danely wrote in a research note.

The analyst notes that component inventory for the PC market (primarily semiconductors) is getting replenished at a faster-than-expected rate, as worries over the hard disk drive shortage are abating.

Here are five semiconductor stocks that JPMorgan believes have more upside ahead:

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