When it comes to semiconductor stocks, patience will pay off, says C.J. Muse, managing director of Barclays Capital.
"Inventories will be depleted in the first quarter," he said, adding that Barclays expects this slow start to precede growth for the year from flat to 4 percent across the sector.
For now, stick with equipment stocks, says Muse, where a different business cycle means inventories aren't an issue, and an overall market lift should carry equipment.
Muse likes equipment makers Lam Research, and Teradyne .
"For the next two-plus months we're looking for earnings surprises from equipment and earnings cuts for the semiconductor names."