NEW YORK -- A Deutsche Bank analyst today reported the semiconductor supply chain inventory corrections are "likely complete."

The sector depleted stocks during the first quarter, leaning its inventories and leaving the chain closer to traditional levels, analyst Ross Seymore said. Seymore now expects a rebound through the second half of 2012.

The news is consistent with the two major component distributors, Arrow and Avnet. Avnet ended the quarter with a book-to-bill ratio of 1.0 and is forecasting a return to normal buying patterns. Arrow's book-to-bill ratio was 1.04 at quarter's end, with cancellation rates and lead times at normal historical levels.

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