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CS First Boston Cuts Earnings Expectations for Lam Research

Credit Suisse First Boston reiterates its buy rating on Lam Research (LRCX), but lowers earnings estimates for fiscal 2002.

The manufacturer of plasma-etch systems used to make integrated circuits reported first-quarter earnings per share of $0.21 compared with $0.15, excluding charges and the impact of options revaluation. The company posted the rise in EPS despite a 7% decline in revenues.

Analyst John Pitzer cut his fiscal 2002 estimate to a $0.11 loss on $975 million in revenues, compared with EPS of $0.20 and sales of $1.02 billion. He set an EPS estimate of $0.05 for fiscal year 2003 on $825 million in revenues. Pitzer says that while he would underweight the group, Lam continues to offer the best risk/reward ratio than others. He notes the company's proven management team, stronger balance sheet, better peak margin potential and ability to gain significant share in etch systems.

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