Morgan Stanley Cuts Semiconductor Equipment Stocks

Analyst Steven Pelayo says while fundamentals are clearly improving, he is easing off the gas

Morgan Stanley downgraded a number of semiconductor equipment stocks Wednesday, including Axcelis Technologies (ACLS ), KLA-Tencor Corp. (KLAC ), Lam Research (LRCX ), LTX Corp. (LTXX ), Novellus Systems (NVLS ), Teradyne Inc. (TER ), and Varian Semiconductor Equipment Associates (VSEA ) to outperform from strong buy.

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