Taiwan Semiconductor The semiconductor company said Thursday its first-quarter earnings declined 7.7%, but added that 2012 would be a year of "solid growth." "TSMC noted that its 1Q12 sales were up q/q versus three months ago view that it could be down," Credit Suisse analysts wrote in a report Thursday. "TSMC's customer order momentum also remained strong in 1Q12, and helped TSMC guide 2Q12 revenue up sharply by 19-21% q/q. In addition, TSMC commented that its forecast for order intake in 2Q12 also remains strong, which the company expects will drive some growth q/q in 3Q12 as well. Company has spent $1.6bb of its CY12 capex in 1Q12, and expects 2012 capex will be back half weighted." Shares of Taiwan Semiconductor hit a 52-week high Thursday of $15.69. The stock's 52-week low of $10.75 was set on Aug. 18. Taiwan Semiconductor's forward P/E is 13.95; the average for semiconductors is 25.14. Six of the eight analysts who cover Taiwan Semiconductor rated it hold; two analysts gave the stock a buy rating. TheStreet Ratings gives Taiwan Semiconductor an A+ grade with a buy rating and $17.61 price target. The stock has risen 23.01% year to date.