Semiconducter Equipment Recovery Delayed, Says Pacific Crest

Pacific Crest’s Weston Twigg trimmed his EPS estimates this morning for a number of semiconductor equipment companies, asserting that a recovery in demand is likely to take longer than previously expected.

“Given the lingering imbalance between memory chip supply and demand, we expect new fab projects to continue to be delayed or to ramp slower than originally planned in 2009,” he wrote in a research note. “We believe spending will be relatively flat over the next three quarters, and we do not expect meaningful growth in spending until late 2009 or early 2010.”

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