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Technology Stocks : Lam Research (LRCX, NASDAQ): To the Insiders -- Ignore unavailable to you. Want to Upgrade?

To: Kirk © who wrote (4071)	4/20/2000 9:35:00 PM
From: Jong Hyun Yoo	Respond to of 5867

Comments issued by CSFB on LRCX's latest earning. If their estimate is correct, LRCX booking for next Q should approach 470 to 480 million. LRCX's EPS should accelerate towards the end of yr due to continuous improvement in opeartional efficiency and revenue ramp. Lam Research (LRCX, $48.88, BUY) Target (12 Months): $70 In-Line Quarter With Booking Momentum Continuing Into 2H00. Raising Estimates and Price Target. LRCX reported strong 3QFY00 results. EPS of $0.37 was in-line with our estimate and slightly better than street consensus of $0.36. Upside in the quarter was capped by production software implementation - revenue should accelerate in June and September quarters. At $440 million, bookings in 3Q outpaced our $415 million estimate. Sequential bookings growth of 25% continues to outpace the industry as LRCX is driving selective gains in etch and CMP. Expect 15% growth in 4Q bookings and revenue acceleration to meet the ramp. Raising estimates, continued margin gains are probable - We are raising our estimates for FY00 and FY01 to $1.34 and $1.95 from $1.33 and $1.77 respectively. We expect leverage both on the gross and operating lines to provide upside to our estimates. Valuation with upside to estimates attractive. LRCX is currently selling at 22 times our calendar 2001 EPS estimate of $2.20. Our price target is $70 or 32 times our C01 EPS estimate. Annual Prev. EPS EPS 6/01E $1.95 $1.77 6/00E 1.34 1.33 6/99A (0.48)

To: Kirk © who wrote (4071)	4/20/2000 9:37:00 PM
From: Jong Hyun Yoo	Respond to of 5867

Comments issued by CSFB on LRCX's latest earning. If their estimate is correct, LRCX booking for next Q should approach roughly 470 to 480 million. LRCX's EPS should accelerate towards the end of yr due to continuous improvement in opearational efficiency and revenue ramp. Lam Research (LRCX, $48.88, BUY) Target (12 Months): $70 In-Line Quarter With Booking Momentum Continuing Into 2H00. Raising Estimates and Price Target. LRCX reported strong 3QFY00 results. EPS of $0.37 was in-line with our estimate and slightly better than street consensus of $0.36. Upside in the quarter was capped by production software implementation - revenue should accelerate in June and September quarters. At $440 million, bookings in 3Q outpaced our $415 million estimate. Sequential bookings growth of 25% continues to outpace the industry as LRCX is driving selective gains in etch and CMP. Expect 15% growth in 4Q bookings and revenue acceleration to meet the ramp. Raising estimates, continued margin gains are probable - We are raising our estimates for FY00 and FY01 to $1.34 and $1.95 from $1.33 and $1.77 respectively. We expect leverage both on the gross and operating lines to provide upside to our estimates. Valuation with upside to estimates attractive. LRCX is currently selling at 22 times our calendar 2001 EPS estimate of $2.20. Our price target is $70 or 32 times our C01 EPS estimate. Annual Prev. EPS EPS 6/01E $1.95 $1.77 6/00E 1.34 1.33 6/99A (0.48)