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Technology Stocks : Lam Research (LRCX, NASDAQ): To the Insiders
LRCX 194.77+5.2%Jan 5 3:59 PM EST
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To: Cary Salsberg who wrote (5370)10/13/2005 10:18:30 AM
From: Proud_Infidel   of 5867
 
Oct 13 (Reuters) -

LAM RESEARCH CORP.

Current Prior Price Target $29.50 $26

--Banc of America Securities' price target revision comes a day after the supplier of wafer fabrication tools posted first-quarter earnings above Street expectations.

LRCX (IL/C): Strong execution and good profitability in CQ3; no change to our view that declining DRAM spending will drive another leg down in the cycle in 06
October 13, 2005

Lam Research reported CQ3 EPS of $0.35 (GS and Street $0.30). EPS upside was driven primarily by higher other income ($0.04 of the $0.05 of upside). CQ3 orders were +3% Q/Q, slightly above our flat estimate. CQ4 orders were guided +5-10% Q/Q, in-line with Street expectations but above our flat to +5% est. 60% of CQ4 orders are expected to come from memory. CQ4 revenue and EPS guidance is better than expected although CQ4 gross margin guidance is a bit disappointing at flat Q/Q despite higher sales. Raising our below consensus EPS ests on the better earnings outlook: CY05 to $1.65 from $1.45 and CY06 to $1.25 from $1.10 (Street $1.77). No change to our IL/C rating, as we believe high memory exposure drives increased risk as we expect DRAM orders to decline in 2006 driving continued underperformance in the SPE stocks (YTD -7% for SPE vs. -3% for S&P 500).
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