Semis Race Past Analysts

The average stock in the Russell 1,000 trades about 15% below its consensus analyst price target, but the semis have rallied so far so fast that the group has raced past Wall Street expectations.

As shown below, the average stock in the Semiconductor group is currently 2.2% above its average analyst price target.

You don't usually see many individual stocks move above their average analyst price target, so for an entire group to do it is practically unheard of.

When this happens, either the analysts are forced to up their price targets even more (which typically causes more buyer enthusiasm), or share prices eventually pull back from overbought levels.

Below is a look at the Russell 1,000 semis stocks and where they're trading relative to consensus analyst price targets.  Enphase Energy (ENPH) came into today more than 50% above its price target, while Intel (INTC) and Micron (MU) are more than 30% above.

Notably, the largest semi of them all -- NVIDIA (NVDA) -- is 29% below its price target, the farthest away in the entire group and more than double the distance that the average Russell 1,000 stock is trading from its price target.