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Technology Stocks : Cymer (CYMI)
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To: mauser96 who wrote (4427)10/2/1997 4:28:00 PM
From: mike gates   of 25960
 
Here's what the upgrade yesterday was all about. As a long term investor in CYMI I find it to be bullish and thankfully consistent with my views on the stock.

"We are initiating coverage of Cymer with a buy recommendation and a twelve month price target of $33 based on roughly 30 times our 1998 earnings estimate. Cymer had reached a high of almost $50 before speculation of product problems and customer problems hit the valuation. This was followed by downgrades by nervous analysts. While we feel that at its peak Cymer may have had a rich valuation, today it is attractively priced due to an overreaction to unsubstantiated speculation. Given its dominant position in a very critical, bottleneck technology impacting the entire semiconductor market and the huge growth prospects for this market, we think it deserves a strong valuation. We feel the core fundamentals remain unchanged. The market is big and growing fast and Cymer has it all to itself and has the technology. We feel that is the core valuation of the company. So far the company has done an excellent job of execution and we see no substantial technological or competitive issues on the horizon. We have spoken to company management and many industry sources regarding the rumors and find no basis in fact. We have known the company and management longer than any other analyst on the street and have a high level of confidence in their statements and views. We would expect that Cymer, like any other rapidly ramping technology company, will have issues crop up that are due to their high growth rate, but we find nothing that substantiates the recent stock drop."
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