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Technology Stocks : Lam Research (LRCX, NASDAQ): To the Insiders
LRCX 178.06+0.4%Dec 26 3:59 PM EST
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To: BWAC who wrote (5385)10/13/2005 3:42:53 PM
From: Proud_Infidel  Read Replies (1) of 5867
 
Lam Research Seen With Limited Upside
Peter Kang, 10.13.05, 3:20 PM ET

Adams Harkness maintained a "peer perform" rating on Lam Research (nasdaq: LRCX - news - people ) after the chip-equipment firm reported favorable first-quarter earnings.

Lam Research reported earnings of 35 cents per share on revenue of $321 million, compared with the Street estimate for earnings of 30 cents per share on revenue of $325 million. The company forecast new orders in the second quarter to rise 5% to 10%, in-line with Adams Harkness' estimate.

"While we believe orders will continue to improve slightly over the next two quarters, we are not very positive on [capital expenditures] in 2006," said analyst Avinash Kant, in a note to investors. "We expect 2006 capex to be flat to down 5% year over year. As semicap stocks tend to turn 6 to 8 months ahead of a turn in orders, we see limited upside in the stock."

The research analyst maintained a $35 price target on the stock. "Given the limited potential for upside from current levels, we maintain our market perform rating," said Kant. "We acknowledge the risk to our estimates if demand slows down drastically."
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