Analyst Actions: Altera, Xilinx, Apache, Silicon Graphics - TheStreet

Altera

(ALTR) - Get Report

and

Xilinx

(XLNX) - Get Report

were cut by

Salomon Smith Barney

to outperform from buy and by

Lehman Brothers

to neutral from outperform this morning.

Solly said it downgraded the stock because of continued deterioration in the environment for semiconductor chips. Lehman said it believes revenue growth rates for next two quarters are likely to slow as end customers and contract manufacturers rebalance inventory and order rates.

Altera's 12-month price target was reduced to $60 from $68 at Salomon and lowered to $55 from $75 at Lehman. The 12-month price target of Xilinx was cut to $100 from $110 at Salomon and to $90 from $100 at Lehman.

Upgrades

Apache

(APA) - Get Report

: 12-month price target UP to $75 from $70 at

Credit Suisse First Boston

and 2001 EPS estimate UP to $4.25 from $3.97.

Calpine

(CPN)

: six- to 12-month price target UP to $140 from $115 at CSFB and 2000 EPS estimate to $1.80 from $1.61. Also, 2001 EPS estimate UP to $2.25 from $1.90; 2002 EPS estimate to $2.90 from $2.57; and 2003 EPS estimate to $4 from $3.75.

Spinnaker Exploration

(SKE)

: 12-month price target UP to $42 from $40 at CSFB; fourth-quarter EPS estimate UP to 84 cents from 77 cents a share; 2000 EPS estimate to $1.85 from $1.77 and 2001 EPS estimate to $1.49 from $1.40.

Downgrades

Safeco

(SAFC)

: third-quarter earnings DOWN to 7 cents from 30 cents a share at CSFB; 2000 earnings estimates DOWN to 55 cents a share from 92 cents and 2001 earnings estimates DOWN to $2 from $2.25.

Silicon Graphics

(SGI)

: 2001 EPS view DOWN to a loss of 45 cents a share from a profit of 10 cents at

Goldman Sachs

.

Storage Technology

(STK) - Get Report

: 2000 EPS view DOWN to 20 cents from 42 cents at Goldman.