Scoop Up These 2 Semiconductor Stocks on Pullbacks Qorvo (QRVO) and Lam Research Corporation (LRCX) were two stocks that have experienced steep corrections in recent weeks. However, there are signs that the selling pressure may relax and we could see a bounce in certain semiconductor stocks.

The cost of automobiles, computers, smartphones, and other devices/machines that are built with computer chips is increasing due to the reduction in chip supply. Add in ongoing inflation and there is even more reason for chipmakers as well as those that sell products with these essential chips to hike prices all the more. It is clear the supply and demands dynamic combined with increased overhead costs are being passed on to the consumer.

Qorvo (QRVO) and Lam Research Corporation (LRCX) have taken a beating as a result of the chip shortage and sector uncertainty. Semiconductor industry bulls view the recent pullbacks as buying opportunities. After all, consumers have amassed a record amount of savings during the pandemic. Furthermore, consumers' pockets are lined thanks to the stimulus payments so it only makes sense that the demand for products with chips will hold steady despite elevated prices.

Qorvo (QRVO)

QRVO has a B POWR Rating grade meaning it is a Buy. The stock has an A grade in the Quality component along with a B grade in the Growth and Sentiment components. Investors who would like to learn more about QRVO's performance in the remainder of the POWR Ratings components such as Value, Stability, and Momentum can find out more by clicking here.

Of the nearly 100 stocks in the Semiconductor & Wireless Chip industry, QRVO is ranked in the top 20, slotting in at 19th. The Semiconductor & Wireless Chip sector has a B grade. You can learn more about this industry by clicking here.

QRVO will pop by 3.4% if the top analysts' predictions hold. QRVO has an average target price of $190.50. The analysts' highest target price for the stock is $225 while the low target price is a measly $135. All in all, 25 analysts have issued QRVO recommendations. None of these analysts view the stock as a Sell or Strong Sell. Exactly two analysts view QRVO as a Strong Buy, 15 consider the stock to be a Buy, and eight view it as a Hold.

QRVO's forward P/E ratio of 15.78 is quite low considering the company is in the semiconductor industry. Many chipmakers have comparably high forward P/E ratios as considerable growth across posterity is baked into their prices. QRVO's fairly low beta of 1.39 is also a boon in light of recent market volatility.

Lam Research Corporation (LRCX)

LRCX provides the equipment and services businesses need for semiconductor wafer processing. In short, LRCX's equipment empowers companies that make chips to create device features that are as small as possible without sacrificing functionality. LRCX's products are used for chip plasma etching, wafer cleaning, thin film deposition, and the photoresist strip process.

LRCX isn't exactly a POWR Ratings beast yet the stock is still worthy of your consideration. LRCX has an overall C POWR Ratings grade. The stock has Bs in the Quality and Sentiment components of the POWR Ratings along with a C Stability grade. Investors who would like to learn more about how LRCX grades out in the Momentum, Value, and Growth POWR Ratings components can find out by clicking here.

Of the 98 stocks in the Semiconductor & Wireless Chip space, LRCX is ranked just outside of the top third, slotting in at number 37. Click here to learn more about the stocks in this segment.

The analysts are not exactly convinced that LRCX will move higher. Current analyst expectations indicate the stock has a -0.77% upside. However, 15 analysts view LRCX as a Buy, five consider it a Strong Buy, and six consider it a Hold. No analysts view the stock as a Sell or Strong Sell.

LRCX also has a reasonable forward P/E ratio of 21.96 along with a relatively low beta of 1.27. These two figures make it clear LRCX will likely prove comparably involatile if the market continues to undulate during the gradual society-wide return to normalcy.