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

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

LRCX 151.94

+1.1%

Nov 25 3:59 PM EST

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To: Kirk © who wrote (4327)	9/19/2000 1:52:51 PM
From: Proud_Infidel	of 5867

PRUDENTIAL SECURITIES Issues Comments on ISTA, SYKE, ICGX, LRCX and CELG By: PRUDENTIAL SECURITIES 9/19/00 7:02:45 AM LAM RESEARCH (LRCX-$23 9/16-SBUY-TARGET $60) IN OUR VIEW, THE SEPTEMBER QUARTER IS ON-TRACK FOR LAM RESEARCH AND THE COMPANY COULD DELIVER REVENUE AND EARNINGS UPSIDE TO OUR ESTIMATES OF $423M AND $0.43, RESPECTIVELY. FROM OUR VANTAGE POINT, THE COMPANY HAS MADE SIGNIFICANT PROGRESS IN RESOLVING SUPPLY CHAIN ISSUES (A MAJOR ISSUE IN THE JUNE QUARTER) RELATED WITH ITS SAP SOFTWARE IMPLEMENTATION. THE COMPANY COULD DELIVER 10-14% ORDER GROWTH FOR THE SEPTEMBER QUARTER. WE CURRENTLY ESTIMATE, NEW ORDERS FOR SEPTEMBER QUARTER COULD COME IN THE RANGE OF $540-$555M. LAM HAD A MAJOR WIN AT MICRON WITH OXIDE ETCH IN THE CURRENT QUARTER. FURTHERMORE, ORDERS FROM SAMSUNG LINE 11 COULD COME IN DURING SEPTEMBER-OCTOBER TIME FRAME. ALSO, OUR FIELD CHECKS ARE REVEALING THAT LAM RESEARCH IS FOR THE FIRST TIME DOING SOME SERIOUS EVALUATION ACTIVITY AT INTEL. ALTHOUGH, THE COMPANY HAS RECENTLY BACKED DOWN FROM ITS STATED GOAL OF 20% CMP MARKET SHARE BY DECEMBER 2000 (AFTER THE SANYO-EPSON LOSS). WE BELIEVE THAT THE TERES TOOL REMAINS THE BEST OF BREED CMP TOOL AND IS LIKELY TO SEE STRONG ADOPTION. TERES CMP WIN AT MICRON COULD BE POSSIBLE IN THE NEAR-TERM. cnetinvestor.com

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