Here is the writeup from Savitz on the same subject. I will be posting the tabular results from the SEMI report later today.
<<Jan 22, 2010
9:47 AM Semi Equipment: Citi Downgrades 7 Stocks
Posted by Eric Savitz
Citigroup analyst Timothy Arcuri today downgrades the semiconductor equipment stocks, warning that there is a risk of a 30% correction in the group.
Arcuri cut his ratings on seven stocks in the group:
Advanced Energy Industries (AEIS) to Sell from Hold.
Applied Materials (AMAT) to Hold from Buy.
ATMI (ATMI) to Sell from Hold.
Brooks Automation (BRKS) to Sell from Hold.
Entergis (ENTG) to Sell from Hold.
KLA-Tencor (KLAC) to Sell from Hold.
Novellus (NVLS) to Hold from Buy.
He keeps his Sell ratings on ASML (ASML) and Lam Research (LRCX).
“After adopting a more balanced cyclical view last October, we are digging in our heels as tools shipments [are] now running at levels that imply more significant capacity adds, chip inventory is building ahead of a potentially risky Q2 based on recent seasonal trends and cap ex is (we think) being pulled into the [the first half] from [the second half} and 2011," he writes. Arcuri warns that he sees "as much as [a] ~30% correction potentially in the offiing over the next 3-6 months.”
All of the downgraded stocks are down sharply today:
AEIS is off $1.12, or 7.2%, to $14.50.
AMAT is off 35 cents, or 2.6%, to $13.22.
ATMI is off 41 cents, or 2.3%, to $17.79.
BRKS is off 50 cents, or 5%, to $9.49.
KLAC is off 83 cents, or 2.5%, to $32.02.
NVLS is off 59 cents, or 2.7%, to $21.54.>> |
