Semiconductor Equipment sector downgraded to Cautious at Citi

Citigroup lowered its Semiconductor Equipment sector view to Cautious from Positive on expectations foundry spending could be modestly reduced beginning in 2013 as Apple (AAPL) shifts manufacturing to TSMC (TSM) away from Samsung (SSNLF). Citi downgraded Lam Research (LRCX) to Neutral and keeps a Neutral rating on Applied Materials (AMAT). The firm maintains a Buy rating on KLA-Tencor (KLAC), but lowered its price target for shares to $61 from $66.

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