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Semi equipments slip on bearish Goldman note

  • Goldman Sachs analyst Toshiya Hari says the firm is increasingly negative on memory spending and thinks investor expectations for an H2 wafer fab equipment recovery will fade.
  • The analyst expects semi equipment companies to revise their WFE forecasts over the next few months and for analysts to cut earnings estimates. Goldman now expects the WFE market to drop 25% Y/Y compared to its previous -20% Y/Y forecast.
  • Goldman reinstated KLA at Sell this morning and remains Neutral on Lam Research (LRCX -1.4%), Applied Materials (AMAT -1.7%), and semi caps broadly.
  • Other semi equipment names that could move on the note: IPG Photonics (IPGP -1.5%), Teradyne (TER -0.8%), Cree (CREE -1%), Entegris (ENTG -0.2%).

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