Semi Equipment sector downgraded to Cautious from Neutral at Goldman Goldman downgraded the Semi Equipment sector based on expectations that strong 2010 and 2011 capex will lead to excess wafer start capacity in 2012. As part of the sector rating change, the firm downgraded KLA-Tencor (KLAC) to Sell from Neutral and Applied Materials (AMAT) to Neutral from Buy, and upgraded Lam Research (LRCX) to Buy from Neutral. Additionally, the analyst downgraded Intel (INTC) to Sell from Neutral.