Formerly About Applied Materials Message Board

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Politics : Formerly About Applied Materials

AMAT 317.22

+4.3%

9:45 AM EST

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To: t2 who wrote (39746)	11/16/2000 10:05:50 AM
From: Sam Citron	of 70976

Lehman maintains buy rating: Applied Materials’ quarterly results were strong, and the company gave cautiously optimistic guidance for the future. We recommend buying the shares. Yesterday after the close Applied Materials reported fiscal 4Q EPS of $0.77, in line with our estimate and above the Street consensus of $0.76. The company’s "floor" guidance for Q1 called for a book-to-bill ratio of >1.10, revenues of $2.90-$2.95 bill., and EPS of $0.75-0.78. Our estimates are slightly above the upper-end of the guidance range. Applied suggested that the equipment industry could grow by 20% in 2001, with $6-8 bill. coming from 300mm tools. We think industry growth could be much higher, driven by rising equipment prices. We think ’01 EPS could be well above the lower end of the Street range, due to higher operating margins and interest income, and modest growth in share count. We think the shares offer exceptional value.

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