The 2013 All-America Research Team: Semiconductor Capital Equipment, No. 2: Satya Kumar

Satya Kumar rises from third place to second — and has moved on from Credit Suisse, as well. The Boston-based researcher, who is also No. 1 in Alternative Energy, departed the firm for Putnam Investments, where he has since August covered semiconductor manufacturers. Kumar “is the analyst who best understands the technologies that impact semiconductor manufacturing,” one client remarks, “and is relentless in his research endeavors.” Thanks to escalating hardware unit growth, silicon intensity (or chip size) and capital intensity for logic and memory, Kumar has been positive on the sector. He forecasts that capital expenditures on memory will double from 2012 to 2015. In January he named Lam Research Corp. his top pick, at $38.44, citing the Fremont, California–based plasma etching device manufacturer’s high leverage to memory and technology trends (specifically, multiple patterning in logic and foundry). In early July he noted that the company also was reaping the benefits from the increasing market share at microprocessor manufacturer Intel Corp. By the time Kumar discontinued coverage, in anticipation of his departure from Credit Suisse, Lam’s shares had climbed 28 percent, to $49.22, against a 14.5 percent gain for the S&P 500.— Pam Baker