downgraded several semiconductors, saying it is still concerned about the possibility of a two-year slowdown in semiconductor capital spending, despite
favorable comments by
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:
Robotic Vision Systems
ING Barings also knocked
down to a buy from strong buy.
Advanced Micro Devices
: UP to buy from long-term attractive at
and 2001 EPS view UP to $1.90 from $1.75.
: 12-month price target UP to $80 from $65 at
Credit Suisse First Boston
: 2001 EPS view DOWN to 30 cents from 50 cents at
: 2001 EPS view DOWN to $1.95 from $2.60 at Goldman.
: price target DOWN to $20 from $30 at
: DOWN to long-term attractive from buy at Robbie Stephens and 2001 EPS view DOWN to 72 cents from $2.15.
: 12- to 18-month price target DOWN to $14 from $24 at CSFB.
: DOWN to market perform from market outperform at Goldman.
: DOWN to market perform from strong buy at Lehman and 2001 EPS view DOWN to $2.65 from $3.25.
: 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.