CSFB Lowers Estimates on Chip-Sector Stocks - TheStreet

CSFB Lowers Estimates on Chip-Sector Stocks

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Credit Suisse First Boston

has adjusted its outlook on a number of semiconductor companies this morning, reflecting the anticipation of a slowing in demand in the first half of next year.

CSFB analyst Charlie Glavin lowered estimates on chip maker

Intel

(INTC) - Get Report

, citing PC pricing pressures and declining demand. He dropped his 2001 earnings estimate to $1.66 from $1.75 on revised revenue estimates of $37.6 billion, down from $39.3 billion, but maintained a buy rating.

Fellow CSFB analyst John Pitzer lowered earnings estimates for several companies in the semiconductor capital equipment sector, reflecting difficulties likely to manifest in the first half of 2001. Estimates were dropped for

KLA-Tencor

(KLAC) - Get Report

,

Applied Materials

(AMAT) - Get Report

,

Lam Research

(LRCX) - Get Report

and

Novellus

(NVLS)

. "The trough revenue quarter will probably occur in the June/July timeframe; that peak to trough revenue decline should be 15-20%," Pitzer wrote this morning.