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

To: etchmeister who wrote (5331)	6/13/2005 2:41:33 PM
From: Proud_Infidel	Read Replies (2) \| Respond to of 5867

Lam Research's 'Expectations Ahead Of Fundamentals' 06.13.05, 2:28 PM ET Adams Harkness downgraded shares of Lam Research (nasdaq: LRCX - news - people ) to "market perform" from "buy" and said "expectations may be ahead of fundamentals" for the semiconductor equipment firm. "We maintain our industry thesis that while utilization rates will start to improve from the second quarter onwards, they are still far from the level where volume orders for equipment will start to pick up," said Adams Harkness. "Although it may be a bit early at this point, our proprietary channel checks indicate, at best, a flat order expectation in the third quarter (even down some)." The research firm noted that although news from Intel (nasdaq: INTC - news - people ) has been positive, Lam Research has no exposure to the company. Adam's Harkness maintained a price target of $31. The research firm concluded: "Our checks indicate that spending from memory makers will moderate some in the second half (Lam has almost 60% exposure to memory). Given the recent run-up, we recommend clients take some profit in the stock."