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The market has run up considerably over the last few days, but I'm expecting that the exuberance will fade and that the market will undergo a correction, giving buyers more attractive entry points. One stock that I would love to get a hold of cheaply is LSI Corporation (NASDAQ:LSI).

LSI is a fabless semiconductor company that designs storage and networking semiconductors for a variety of applications, including hard disk drive controllers, RAID controllers, network processors, and solid state drives and controllers.

The company has had a strong run up, especially after the most recent earnings report in which it did incredibly well on the top and bottom lines. The company's a great buy on a pullback for the following reasons:

1. The company has a very healthy balance sheet with $601M in cash and cash equivalents, and no debt. The company recently announced a share buyback, which is a strong indication that the company wants to use its cash to help deliver value to shareholders.

2. The company's most recent earnings call indicated continued strength, with the company reporting a 32% year-over-year increase in sales (6% sequential increase), and earnings per share of $0.21, topping analyst estimates of $644M and $0.17, respectively. Forecast wasn't as stellar, with a revenue range of $620M to $660M and earnings range of $0.14 to $0.20 per share against analyst estimates of $657M and $0.18. Given the company's tendency to guide conservatively, I don't see this forecast as worrisome, just conservative in light of near-term uncertainty.

3. Hard disk manufacturers Seagate (NASDAQ:STX) and Western Digital (NASDAQ:WDC) reported stellar revenues and unit shipments. I believe that the concerns surrounding the Thailand floods have been overdone, and that the hard disk business will continue to be strong. Since a big portion of LSI's business is supplying hard disk controllers along with SATA/SAS chips, coupled with the fact that there are only two major competitors in this space (the other is Marvell Technology Group (NASDAQ:MRVL) ), I expect that this segment of the business should continue to perform well in the long term.

4. LSI is also well positioned for the hyper growth that characterizes the solid state drive industry. LSI's SandForce controllers power a significant portion of the consumer solid state drives on the market, including those from giants such as Intel (NASDAQ:INTC) and SanDisk (NASDAQ:SNDK). The company also has a significant presence in the enterprise SSD space, which should also see significant growth going forward, as data centers continue to add fast flash to improve responsiveness and lower power consumption.

Source: 4 Reasons To Pick Up This High Growth Stock On A Market Pullback

Additional disclosure: I may initiate a long position in LSI within the next 72 hours.