Lam Research (LRCX, NASDAQ): To the Insiders Message Board

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Technology Stocks : Lam Research (LRCX, NASDAQ): To the Insiders

LRCX 146.97

+2.6%

12:59 PM EST

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To: Proud_Infidel who wrote (3354)	9/21/1999 8:08:00 PM
From: Jong Hyun Yoo	Read Replies (2) of 5867

Positive comments on LRCX from Lehman: don't understand their target of $60 if they think LAM can achieve $4.10 in FY2002. Based on PE of 28, the more reasonable target seems to be $115. Headline: Lam Research: Changing Price Target Based On Long-Term EPS Outlook Author: Edward C. White, Jr., CFA (212)526-4744 Rating: 3 Company: LRCX Country: COM CUS Industry: SEMICO Ticker : LRCX Rank(Old): 3-Neutral Rank(New): 3-Neutral Price : $57 13/16 52wk Range: $66-8.38 Price Target (Old): $48 Today's Date : 09/14/99 Price Target (New): $60 Fiscal Year : JUN ------------------------------------------------------------------------------ EPS 1999 2000 2001 - - QTR. Actual Old New Old New Old New 1st: -0.70A 0.50E 0.50E - -E - -E - - 2nd: -0.64A 0.55E 0.55E - -E - -E - - 3rd: -0.38A 0.60E 0.60E - -E - -E - - 4th: 0.28A 0.65E 0.65E - -E - -E - - ------------------------------------------------------------------------------ Year:$ -1.44A $ 2.30E $ 2.30E $ - -E $ - -E $ - $ - Street Est.: $ 1.72E $ 1.73 $ 1.92E $ 2.28 $ - - $ - - ------------------------------------------------------------------------------ Price (As of 9/13): $57 13/16 Revenue (2000): 985.0 Mil. Return On Equity (00): 20.6 % Proj. 5yr EPS Grth: 17.0 % Shares Outstanding: 40.9 Mil. Dividend Yield: Nil Mkt Capitalization: 2.36 Bil. P/E 2000; 2001 : 25.1 X; N/A Current Book Value: $10.00 /sh Convertible: YES Debt-to-Capital: 44.4 % Disclosure(s): C ------------------------------------------------------------------------------ * We are raising our one-year price target on Lam research to $60 from $48, based on an increase in estimated calendar 2002 EPS to $4.10 from $3.50. * Prompting the increase in our 2002 EPS estimate is the increasing potential success in CMP (Chemical Mechanical Planarization), and the likelihood that the company will have more revenue opportunity in 2002 than we had projected. * We think Lam Research can capture a portion of the market for CMP systems used in silicon trench isolation (STI) and copper applications. * While it remains to be seen if the company can reach its goal of achieving a 20% market share in CMP, we think Lam can do well in selected segments of the market. * Our rating remains 3-Neutral, as we think the shares are appropriately valued. We would be inclined to recommend purchase if the company's earnings momentum accelerates meaningfully in the next few quarters. --------------------------------------------------------------------------- BUSINESS DESCRIPTION: Lam Research is a leading manufacturer of plasma etch equipment and CMP systems, used in semiconductor manufacturing. ------------------------------------------------------------------------------ Disclosure Legend: A-Lehman Brothers Inc. managed or co-managed within the past three years a public offering of securities for this company. B-An employee of Lehman Brothers Inc. is a director of this company. C-Lehman Brothers Inc. makes a market in the securities of this company. G-The Lehman Brothers analyst who covers this company also has position in its securities. This document is for information purposes only. We do not represent that this information is complete or accurate. All opinions are subject to change. The securities mentioned may not be eligible for sale in some states or countries. This document has been prepared by Lehman Brothers Inc., Members SIPC, on behalf of Lehman Brothers International (Europe), which is regulated by the SFA. ]

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