Novellus upgraded to Buy, LRCX downgraded to Sell at Citigroup
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9:43 AM ET 10/15/09 |

Briefing.com
. Citigroup says while the broad cycle is far from over, full resumption of maintenance shrink activity means Phase 1 appears to be complete. Moving forward firm says, ASML's results leave them more convinced the stage is set for some mid-cycle order digestion in 1H:10 -- thus creating a more neutral cyclical backdrop rather than the universally positive environment of the past 9 months. As such, they are upgrading NVLS to Buy from Hold as they believe the Street is under-estimating earnings power (along w/AMAT) while they downgrade LRCX and ASML (as mentioned earlier) to Sell from Hold as positive revisions from here are tougher. They are raising NVLS target from $19.50 to $27.