Robert Chaplinsky, chip analyst at Hambrecht & Quist in San Francisco, also made positive comments about Altera Tuesday, according to CNBC. Chaplinsky said he expects Altera to meet or beat consensus estimates for the second quarter.
Semiconductor stocks have fallen to their lowest points in a year amid slumping demand from Asia, but even in these overcast conditions, Ragsdale said investors can find some silver linings. For investors with a one-year horizon, Ragsdale recommends Altera Corp. (ALTR), Analog Devices Inc. (ADI), Xilinx Inc. (XLNX), Linear Technology (LLTC) and Maxim Integrated Products (MXIM).
"We expect both Linear and Maxim to meet expectations for the June quarter, including 5 to 8 percent sequential revenue growth, a feat that very few chipmakers will pull off," Ragsdale said.
Altera closed up 4 1/8 at 34, Xilinx, 2 7/8 at 36 7/8 and Linear Technology, 2 1/4 at 63 7/8.
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