Chipmakers got a boost as Mizuho Securities raised price targets for more than a couple dozen semiconductor companies.
The firm is forecasting bullish trends for the industry in 2021, including "strong year-over-year momentum and tailwinds from a supportive fundamental and macroeconomic backdrop," according to analyst Vijay Rakesh.
Lam Research undefined is a buy. The stock added 1.2% after its price target was raised to $530 from $410.
TheStreet's David Dierking recently listed his top five semiconductor ETFS for 2021.
"Despite disruptions related to the covid pandemic, semiconductor sales were up more than 5% this year. They're also forecast to increase another 8% in 2021," Dierking reported.
"If the covid vaccine does what we hope it will and it ushers in a global economic recovery, the tech sector (and semiconductors specifically) could be poised to lead the market again."