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

To: Donald Wennerstrom who wrote (52962)	7/28/2011 10:37:16 AM
From: Donald Wennerstrom	1 Recommendation Read Replies (1) \| Respond to of 95383

S&P KEEPS BUY RECOMMENDATION ON SHARES OF LAM RESEARCH 8:06 AM ET 7/28/11 \| S&P Marketscope LRCX posts Jun-Q operating EPS of $1.14, vs. $1.17, beating our $1.07 estimate. Sales fell 7% from Mar-Q, better than our view, on higher than expected memory and foundry sales. Despite more cautious foundry and DRAM spending levels, we see flash memory orders rising. We like LRCX's high memory exposure vs. peers, see share gain in etch, and think orders will trough by calendar year end. We cut our FY 12 (Jun.) operating EPS forecast by $1.67 to $3.72 and initiate FY 13 at $4.43. We reduce our 12-month target price by $6 to $49, on peer-average P/E and price-to-sales.