TECH - Chip Stocks At 'Premium Valuations': Why Bank Of America Is Bullish On Semiconductors In 2024 | Benzinga
Semiconductor stocks have fallen in the first two trading sessions of 2024. Is this a sign of a strained market with valuations running too hot and prompting investors to take profits?
Bank of America said it remained bullish on the Philadelphia Semiconductor Index (SOX) for 2024, despite its 65% gain in 2023.
The iShares Semiconductor ETF (NYSE:SOXX), an exchange traded fund that tracks the Philly Semiconductor Index, fell 5.4% over the past two sessions but, like the index it tracks, was up 65% in 2023.
“The key question for investors,” said BofA analyst Vivek Arya, “is whether 2024 will bring more of the same, or rotation into last year’s laggards.”
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