Applied Materials No-Politics Thread (AMAT) Message Board

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Technology Stocks : Applied Materials No-Politics Thread (AMAT)

AMAT 258.34

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12:18 PM EST

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To: etchmeister who wrote (16941)	12/22/2005 2:29:16 PM
From: niek	Read Replies (1) of 25522

Micron Could Buck Sector's Flat-Spending Trend David Ng, 12.22.05, 1:48 PM ET Banc of America Securities said it expects capital expenditure in the memory sector to be flat year-over-year, with DRAM spending expected to decline 13% and flash investments to increase 28%. The research firm noted that Micron Technology (nyse: MU - news - people ) expects fiscal 2006 cap ex of $2 billion, a 40% increase from $1.4 billion in 2005. The increase was attributed to investments in the newly formed NAND flash venture with Intel (nasdaq: INTC - news - people ) known as IM Technologies. "We are estimating $2.2 billion for Micron on a calendar 2006 basis," Banc of America analyst Mark FitzGerald. "Given the aggressive timeline for production, we expect Micron to place orders for capital equipment in the first half of 2006." Banc of America said the beneficiaries of Micron's cap-ex spending include Applied Materials (nasdaq: AMAT - news - people ), ASML Holding (nasdaq: ASML - news - people ), Lam Research (nasdaq: LRCX - news - people ) and Varian Semiconductor Equipment Associates (nasdaq: VSEA - news - people ). For the semiconductor capital-equipment industry as a whole, Banc of America said the sector is purely cyclical "with shortened amplitudes." The research firm's top sector picks are Taiwan Semiconductor Manufacturing and ASML, both rated at "buy" with respective target prices of $11.75 and $21.20. Its least favorite picks are Varian and Applied Materials, both rated at "sell" with respective targets of $33 and $14.70. (Forbes.com)

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