This maker of programmable chips has lost a bit of its spark lately, but it is still a turn on.

Even though Altera recently warned that some customers were cutting inventory due to slower sales, and some investors expressed concern about a dip in Altera's market share, the company continues to boast strong sales of new products, which are used in devices ranging from cars and X-ray machines to printers and digital TV sets.

"We are encouraged by Altera's new products as new product growth is a key leading indicator of [the] company's competitive position," John Lau, an analyst at Jeffries & Co, said in a research note.

Other analysts agree, forecasting earnings to grow 6 percent this year as sales climb 9 percent. Plus, Altera's stock trades at a discount to shares of its biggest rival, Xilinx. Match that up with a generally bright outlook for the semiconductor industry and you could have a love connection.