NEW YORK ( TheStreet) -- The following companies from the semiconductor and application software industry will release their quarterly earnings this week. These stocks have upsides ranging from 8% to 57% with an average 58% buy rating and 37% hold rating.

At a recent SEMI conference, the vice president of research at Gartner projected 6% growth for the $300 billion semiconductor industry over the next four to five years. He added that the growth would be led by a compounded annual growth of 25% and 60% for smartphones and media tablets (iPads), respectively, over the period 2010-2015.

The stocks are stacked based on their earnings release date.

>>For upcoming earnings and estimates, see our Earnings Calendar.

9. Cohu ( COHU) is a supplier of test handling, burn-in and thermal solutions for the global semiconductor industry, microwave communications and closed-circuit television equipment. The company is scheduled to report its second quarter results today.

Analysts polled by Bloomberg are forecasting net income of $5.23 million or 21 cents per share for the second quarter of 2011. They see net sales increasing to $80 million from $74.87 million in the year-ago quarter. The company estimates sales to range between $77 and $82 million for the reporting quarter.

During May 2011, the company declared a dividend of 6 cents per share and paid the amount on June 24, 2011.

Both analysts covering the stock recommend a buy on it. There are no sell ratings on the stock. Analysts polled by Bloomberg see the stock gaining an average 47.1% to $20.00 in the next 12 months.

8. MKS Instruments ( MKSI) provides instruments, subsystems and process control solutions that measure, control, power, monitor and analyze parameters of the manufacturing processes.

The company's products are divided into three groups: instruments and control systems, power and reactive gas products, and vacuum products. MKS is scheduled to report its second-quarter earnings today.

Analysts polled by Bloomberg expect MKSI to report second-quarter net sales of 220.67 million vs. $220.65 million in the year-ago quarter. They expect $33.75 million in net income, or 63 cents per share, compared to $33.37 million or 65 cents per share in the same quarter prior year. Meanwhile, EBITDA and gross margin are forecast at $54.6 million and 45% vs. $53.16 million and 44.11% in the same quarter prior year, respectively.

Of the five analysts covering the stock, 60% recommend a buy and 20% suggest a hold. Analysts polled by Bloomberg expect the stock to gain an average 7.6% to $27.50 in the next 12 months.

7. Ultratech ( UTEK) develops, manufactures and markets photolithography and laser thermal processing equipment designed for the manufacture of integrated circuits. The company also supplies step-and-repeat photolithography systems based on one-to-one (1X) imaging technology to customers located in North America, Europe, Japan and rest of Asia. The company will report second-quarter results on Thursday.

Analysts polled by Bloomberg expect the company to report $9.54 million, or 35 cents per share for the quarter, compared to $3.62 in net income, or 15 cents per share, a year ago. Sales are expected to rise to $52.07 million from $31.55 million inthe year-ago period. EBITDA for the quarter is expected to double to $11.05 million from $4.69 million in the year-ago second quarter.

Of the four analysts covering the stock, 50% recommend a buy and the rest a hold. There are no sell ratings on the stock. Analysts polled by Bloomberg expect the stock to gain an average 32.5% to $36.50 in the upcoming 12 months.

6. Cirrus Logic ( CRUS) engages in the development of high-precision, analog and mixed-signal integrated circuits (ICs) for a range of audio and energy markets. It develops products for consumer and commercial audios, automotive entertainment, and targeted industrial and energy-related applications. The company will report its first quarter 2012 results on Thursday.

Analysts polled by Bloomberg expect the company to report $17.08 million in net income, or 17 cents per share. Sales for the quarter are expected to increase to $91.48 million from $81.92 million in the comparable period of the prior year.

A month ago, the company introduced CS1501 and CS1601 Digital Power Factor Correction ICs that are designed to improve the performance of power supply systems and simplify designs. The company continues to expand its line of digital power factor correction (PFC) ICs and is focused on the development of new, digital energy control related products.

Of the six analysts covering the stock, 50% recommend a buy and 33% suggest a hold. Analysts polled by Bloomberg expect the stock to rise an average 51.7% to $26 over the next 12 months.

5. Hittite Microwave ( HITT), designs and develops integrated circuits (ICs), modules, subsystems and instrumentation for technically demanding radio frequency (RF) microwave and millimeterwave applications. The products find applications in end markets like automotives, broadband, cellular infrastructure and fiber optics, among others. The company will report its second-quarter earnings on Thursday.

The company is likely to record $20.25 million in net income, or 66 cents per share for second quarter 2011, compared to $19.16 million, or 64 cents per share, in the year-ago quarter, according to analysts polled by Bloomberg. For the quarter, sales are expected to rise to $68.52 million from $60.30 million in same quarter of 2010. Operating profit for the period is pegged at $31.43 million vs. $29.69 million in year-ago quarter.

Of the six analysts covering the stock, 50% recommend a buy and the rest suggest a hold. There are no sell ratings on the stock. Analysts polled by Bloomberg see the stock gaining an average 15.6% to $70.20 in the upcoming 12 months.

4. Compuware ( CPWR) develops, markets and supports systems software products that are designed to improve the performance of information technology (IT) organizations. The products are divided into four categories: Mainframe, Vantage, Changepoint and Uniface. CPWR also provides professional services, application services and web application performance management services. Compuware will report its first quarter 2012 results on Thursday.

Analysts polled by Bloomberg expect Compuware to report $224.17 million in sales for the first quarter compared to $206.49 million in same quarter prior year. Net income for the quarter is estimated to increase to $17.3 million from $12.65 million in year-ago quarter. Earnings per share are forecast at 6 cents, tracking the earlier quarter levels.

The recently merged Compuware-dynaTrace Software launched its fourth generation application performance management (APM) platform, dynaTrace 4, which will expand the company's leading platform across three main dimensions - breadth, depth and ease-of-use.

All the six analysts covering the stock suggest a buy on it. There are no sell ratings on the stock. Analysts polled by Bloomberg see the stock gaining an average 41.1% to $13.40 in the upcoming 12 months.

3. Mattson Technology ( MTSN) engages in the design, manufacture and marketing of semiconductor wafer processing equipment for the fabrication of integrated circuits (ICs or chips). It supplies dry strip and rapid thermal processing (RTP) equipment to the global semiconductor industry with major customers being foundries, memory and logic device manufacturers. The company will release its second quarter results on Thursday.

Analysts' consensus estimates Mattson's second-quarter 2011 net loss narrowing to $5.19 million, or 11 cents per share, compared to a net loss of $8.29 million, or 17 cents per share, in the year-ago quarter. Sales are expected to rise to $45.82 million from $32.12 million in the earlier quarter. Operating loss is expected to decline to $4.81 million from $9.69 million earlier.

At the recent SEMICON West 2011, Mattson launched paradigmE(R) Si targeting semi-critical silicon etch applications and is designed to deliver high productivity and lowest cost-of-ownership. This latest silicon etch system enables customers to meet stringent processing requirements for device manufacturing at leading-edge technology nodes.

Of the seven analysts covering the stock, 29% recommend a buy and the rest suggest a hold. There are no sell ratings on the stock. Analysts polled by Bloomberg see the stock gaining an average 56.9% to $3.20 in the upcoming 12 months.

2. Entegris ( ENTG) is a global developer, manufacturer and supplier of products and materials used in the semiconductor and other high-technology industries. The company's operations are divided into three segments: contamination control solutions, microenvironments and specialty materials. Entegris is scheduled to release its second-quarter results on Thursday.

Analysts polled by Bloomberg expect the company to report second-quarter net income of $32.03 million, or 22 cents per share, compared to $20.82 million, or 14 cents per share, in the year ago quarter. Sales are seen soaring to $207 million from $167.6 million in the year-ago quarter. Operating profit for the quarter is expected to increase to $40.3 million from $26.43 million in the second-quarter 2010.

At the 2011 Intersolar North America event held last week, the company featured its material handling solutions for photovoltaic manufacturers. These products are designed to reduce particle contamination to the parts per trillion levels.

Of the seven analysts covering the stock, 14% recommend a buy and the remaining rate a hold. There are no sell ratings on the stock. Analysts polled by Bloomberg foresee the stock gaining an average 17.9% to $10.08 in the upcoming 12 months.

1. Cypress Semiconductor ( CY), a supplier of programmable solutions in systems, structures its operations into four divisions: consumer and computation, data communications, memory and imaging, emerging technologies and others. The company will release its second quarter 2011 results on July 21.

Analysts polled by Bloomberg expect Cypress to report $60.01 million in net income, or 18 cents per share, compared to $47.97 million, or 11 cents per share, in the same quarter prior year. Sales are seen rising to $251.71 million from $223.02 million earlier. Gross margin is likely to increase to 57.43% from 55.7%, while EBITDA is estimated to rise to $64.26 million from $40.07 million in the year-ago period.

Recently, Cypress revealed that Samsung Electronics has selected the OvationONS II optical navigation system for its Android-based Intercept phones. The sensor will be used in the optical track pad modules inside the Intercept for easy and intuitive single-handed screen and menu navigation.

Of the 19 analysts covering the stock, 58% recommend a buy and 32% suggest a hold. Analysts polled by Bloomberg expect the stock to gain an average 17.3% to $24.92 in the upcoming 12 months.