In a report published Monday, JPMorgan analyst Harlan Sur noted that while some bears are pricing in further downside in semiconductor stocks through the rest of the year, the supply-side dynamics are in "relatively good shape" based on inventory draw-down depletion in the value chain over the past three quarters. According to Sur, the PHLX Semiconductor index may see near-term retests of its August low, but investors should start accumulating semiconductor stocks now.