Monday, September 25, 2006


CIBC upgrades Lam Research (LRCX 41.36) to Sector Outperformer from Sector Performer with a $52 tgt, as channel checks suggest near-term upside to Street as shipments continue to ramp to set record levels in Mar '07 on share gains at Taiwan DRAM makers and commercial traction in new wet clean business with a repeat order from TSMC.

Merrill Lynch downgrades SanDisk (SNDK 55.38) to Neutral from Buy

ThinkEquity raises Apple (AAPL 73.00) tgt to $100 from $90, based on the following catalysts: Additional accelerated back-to-school CPU share gains, retail Store traffic and Beyond-the-Box unit shipment momentum through springtime, software-related revenue and earnings upside surprises in 1H07 and a move into the enterprise in 2H07

ThinkEquity recommends taking profits in semi stocks, citing a looming inventory correction. Firm says that during their quarterly tour of Asian electronics supply chain participants, they have found a preponderance of pessimism and lack of any recovery.

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