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Technology Stocks : Semi Equipment Analysis

SOXX 314.52

-0.6%

Dec 11 4:00 PM EST

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To: Donald Wennerstrom who wrote (54299)	10/20/2011 12:25:12 PM
From: Donald Wennerstrom	1 Recommendation of 95572

S&P KEEPS BUY RECOMMENDATION ON SHARES OF LAM RESEARCH 9:52 AM ET 10/20/11 \| S&P Marketscope Posts Sep-Q operating EPS of $0.63, vs. $1.52, missing our $0.65 estimate. Sales fell 10% from the Jun-Q, near our view, driven by lower foundry and logic spending. Margins narrowed on less favorable mix and lower factory absorption. We like LRCX's higher exposure to memory than peers, specifically flash memory, and as a result, we think it is likely to witness better order trends than others. We cut our FY 12 (Jun.) operating EPS forecast $1.90 to $1.82, FY 13's by $1.51 to $2.92, and our target price by $4 to $45, on a price-to-sales above peers, but below historical levels.

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