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In addition to downgrading KLA-Tencor, Deutsche has also cut rival ASML (ASML -3.1%) to Sell....

In addition to downgrading KLA-Tencor, Deutsche has also cut rival ASML (ASML -3.1%) to Sell. The firm thinks 2013 Street estimates are too bullish in light of slowing foundry capex for cutting-edge chip manufacturing processes (Deutsche's forecast is 27% below consensus), and also believes "secular demand headwinds" (i.e. weak PC DRAM sales) will hurt memory capex.
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