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Lam Research, AMAT down as Susquehanna cuts semi-cap names

Oct. 23, 2018 8:12 AM ETApplied Materials, Inc. (AMAT) StockAMAT, LRCX, ASMLBy: Brandy Betz, SA News Editor20 Comments
  • Susquehanna downgrades semi-cap stocks after checks signal incremental weakness for cloud and enterprise spending expectations in 1H19.
  • Analyst Mehdi Hosseini says what was seen as a “digestion period” for spending now looks more alarming with IT budget freezes and increasing executive caution at global cloud providers. 
  • The analyst expects bottoming server builds in Cloud and Enterprise in 2H9, up to three quarters later than the prior expectation. 
  • Semi-cap downgrades: AMAT (NASDAQ:AMAT) target drops from $60 to $38, ASML (NASDAQ:ASML) from $240 to $200, and Lam Research (NASDAQ:LRCX) goes from Positive to Neutral with a target cut from $225 to $165. 
  • Source: Bloomberg First Word.
  • AMAT trades down 4% premarket to $32.20. ASML is down 5.2% to $167.23 in part due to European tech weakness. Lam Research is down 3.3% to $139.50.  
  • Previously: ASML, SAP drop on European tech sector stumble (Oct. 23)

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