Goldman Sachs analyst Toshiya Hari lowered his estimates for Semiconductor Capital Equipment makers Applied Materials (AMAT), Lam Research (LRCX) and KLA-Tencor (KLAC) as his recent industry checks lead him to believe that the market could be underestimating the magnitude of a cyclical downturn driven by weakness in memory. Hari lowered his EPS estimates for Applied, Lam and KLA-Tencor by an average of 11% and 4%, respectively, for calendar 2019 and 2020. The analyst also cut his price target Lam to $156 from $180 and lowered his target for Applied to $40 from $47 and keeps Neutral ratings on both.