Analyst Actions: Intel, Advanced Micro Devices, America West, Lehman Brothers - TheStreet

Analyst Actions: Intel, Advanced Micro Devices, America West, Lehman Brothers

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ING Barings

downgraded several semiconductors, saying it is still concerned about the possibility of a two-year slowdown in semiconductor capital spending, despite

favorable comments by

Intel's

(INTC) - Get Report

about its capital spending plan.

The firm said Intel's approach can't completely mitigate the risk in the sector, so "we are choosing to remain disciplined with regard to valuation."

The note went on to say, "We are encouraged that there will be significant spending on new technologies such as 300-millimeter wafer processing. However, even in that build-out, delays are possible and corners can be cut."

With that in mind, the firm cut six tech stocks to hold from buy. They are:

Axsys Technologies

(AXYS)

,

BEI Technologies

(BEIQ)

,

Cognex

(CGNX) - Get Report

,

II VI

(IIVI)

,

Newport

(NEWP)

and

Robotic Vision Systems

(ROBV)

.

ING Barings also knocked

Zygo

(ZIGO)

down to a buy from strong buy.

Upgrades

Advanced Micro Devices

(AMD) - Get Report

: UP to buy from long-term attractive at

Robertson Stephens

and 2001 EPS view UP to $1.90 from $1.75.

Tyco

(TYC)

: 12-month price target UP to $80 from $65 at

Credit Suisse First Boston

.

Downgrades

America West

(AWA)

: 2001 EPS view DOWN to 30 cents from 50 cents at

Goldman Sachs

.

Analog Devices

(ADI) - Get Report

: 2001 EPS view DOWN to $1.95 from $2.60 at Goldman.

Clarent

(CLRN)

: price target DOWN to $20 from $30 at

Prudential Securities

.

Credence Systems

(CMOS)

: DOWN to long-term attractive from buy at Robbie Stephens and 2001 EPS view DOWN to 72 cents from $2.15.

Jupiter Media

(JMXI)

: 12- to 18-month price target DOWN to $14 from $24 at CSFB.

Lehman Brothers

(LEH)

: DOWN to market perform from market outperform at Goldman.

TRW

(TRW)

: DOWN to market perform from strong buy at Lehman and 2001 EPS view DOWN to $2.65 from $3.25.

Xilinx

(XLNX) - Get Report

: price target DOWN to $77 from $100 at Prudential; 2001 EPS view DOWN to $1.19 from $1.25 and 2002 EPS view DOWN to $1.40 from $1.71.