Major semi pump:
08:57 ET Soundview upgrades Semi Equip co's : Sources are telling us that Soundview upgrades the following co's to STRONG BUY from Buy: AMAT, KLAC, LRCX, NANO, NVLS, and RTEC. Separately, Goldman Sachs (see 7:37 comment) and DB Alex. Brown (7:13) upgraded numerous co's in the group as well.
08:48 ET Micron upgraded by Robbie and Weisel (MU) 34.85: MU upgraded by both Robertson Stephens and Thomas Weisel today. Robbie says recent checks in Asia indicate that production cutbacks have resulted in sharply improved supply dynamics with low inventories at both the DRAM OEMs and in the channel. Weisel cites surprisingly upbeat analyst meeting on Friday and improved CY02 outlook.
07:36 ET Goldman ups semi equipment; sees sequential order growth : Goldman Sachs upgrades the semi equipment sector to Overweight from Market Weight, cites belief that orders likely to rise sequentially for next several qtrs and that market will discount the majority of the cycle's upside in first few qtrs of improvement. Firm upgrades ASML, ATMI, KLAC, and TER to RECOMMENDED LIST; NVLS to OUTPERFORM.
07:13 ET DBAB ups semi equipment group : DB Alex. Brown raises rating on the Semi Equipment group, and upgrades AMAT, TER, and LTXX to STRONG BUY from Buy; the next two qtrs are likely to surprise to the upside, with checks indicating firmer backlogs into Q2, increasing shipment and order pull-ins (particularly foundry/DRAM), significant uptick in component buys from tester OEMs, and 300mm shipment slots focusing on Sept/Oct. Maintains Buy ratings on NVLS and BRKS.
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