Adams, Harkness & Hill Breaking News December 3, 2001
News about Semiconductor Capital Equipment and TAP Industries; ICTG and OAKT
Semiconductor Capital Equipment
Upgrade AEIS, BRKS, CGNX, CYMI, LRCX; Downgrade RTEC
* The severity off the current downturn has resulted in under-spending for new technology by most semiconductor manufacturers. This will, we believe, result in a prolonged upturn.
* We are now forecasting peak of next cycle to be 2005 (previously we had expected 2004), and have revised our peak-to-peak valuation model to derive nine- to 12-month price targets.
* Semiconductor fundamentals are starting to show signs of improvement as excess inventories continue to decline. Such positive news is driving the stocks as investors focus on upturn.
* Reiterate Strong Buy ratings on Varian Semiconductor Equipment (VSEA, $31.46) and Therma-Wave (TWAV, $11.08). Target prices increase for VSEA from $59 to $71 and TWAV from $21 to $23.
* Upgrading Advanced Energy (AEIS, $23.66), Brooks Automation (BRKS, $36.75), Cognex (CGNX, $22.40), and Cymer (CYMI, $23.55) to Strong Buy from Buy. Target prices increase for AEIS from $28 to $37; BRKS from $47 to $59; CGNX from $28 to $35; and CYMI from $30 to $37.
* Upgrading Lam Research (LRCX, $21.92) to Buy from Market Perform. Target goes from $21 to $29.
* Lowering Rudolph Technologies (RTEC, $37.27) to Market Perform from Buy based on valuation. Fred Wolf 617-371-3713
Note - I copied this info from a Yahoo! thread post at:
messages.yahoo.com
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