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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Donald Wennerstrom who wrote (39731)	7/30/2008 11:30:33 AM
From: Donald Wennerstrom	Read Replies (1) \| Respond to of 95616

S&P REITERATES HOLD RECOMMENDATION ON SHARES OF LAM RESEARCH CORP. 2008-07-30 LRCX posts Jun-Q operating EPS of $0.60 vs. $1.28, beating our $0.37 estimate. Sales fell 17% due to weak spending from memory customers, but was partly offset by addition of the SEZ business. We positively view LRCX's cost restructuring moves, expected to result in $25 million of annual savings. While management sees a sharp rebound in Dec-Q revenues, we think a more likely scenario is a modest recovery beginning in calendar year 2009. We are reducing our FY 09 (Jun.) operating EPS projection to $1.63 from $2.27 and cutting our target price by $7 to $38, on a peer-premium P/E.