Citi Cuts Estimates and Price Targets on Semiconductor Equipment Stocks
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Citi analyst says, "We are updating our C2009 capex model and truing up a number of our company models to reflect this '09 capex view. In conjunction with these cuts, we are mechanically lowering price targets on several stocks as well...In simple terms, memory should decline from ~50% of global capex in C2008 to ~44% in C2009 and should be down ~20% Y/Y. We are not nearly as cautious on non-memory capex and we see it about flat Y/Y in C2009, headlined by INTC which should be one of the few bright spots."
Citi maintains a 'Hold' rating on Applied Materials (Nasdaq: AMAT). Maintains $20 price target.
Citi maintains a 'Buy' on ASML Holding (Nasdaq: ASML), lowers price target from E25 to E20.
Citi maintains a 'Hold' on ATMI, Inc. (Nasdaq: ATMI), lowers price target from $27 to $20.
Citi maintains a 'Buy' on Entegris, Inc. (Nasdaq: ENTG), lowers price target from $10.50 to $9.
Citi maintains a 'Buy' on KLA-Tencor (Nasdaq: KLAC), lowers price target from $48 to $40.
Citi maintains a 'Hold' on Novellus Systems (Nasdaq: NVLS), lowers price target $21 to $20.
Citi maintains a 'Buy' on Veeco Instruments (Nasdaq: VECO), lowers price target $22 to $20.
Applied Materials, Inc. (Applied) provide Nanomanufacturing Technology solutions for the semiconductor, flat panel display, solar and related industries, with a portfolio of equipment, service and software products.
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