) in conjunction with its lowered expectation for semiconductor capital spending in CY12. AMAT is somewhat underexposed to Intel and Samsung which should have the biggest dollar cuts in capital spending. AMAT is also some what cushioned from the reduction in semiconductor capital spending due to its exposure to the solar and LCD markets. Piper Jaffray is trimming its top line assumptions for Applied Materials for next year, and now expect AMAT's revenue to be down 6% in CY12 versus its prior estimate of up 12%. As AMAT transitions manufacturing to Asia and continues to drive cost reductions, Piper expects operating margin will improve slightly for the company next year. Piper Jaffray is lowering top and bottom line estimates for FY11 and FY12 as part of its broader cut to capital spending outlook. For FY11, Piper's estimate go to $1.51 on $11.0B from $1.52 on $11.2B. For FY12 its estimates decrease from $1.80 on $12.5B to $1.50 on $10.4B. Piper Jaffray has an $18 PT and Overweight rating on AMAT AMAT closed Friday at $15.69