RESEARCH ALERT- LAM, Novellus, AMAT started
Reuters, Tuesday, June 08, 1999 at 09:01
NEW YORK, June 8 (Reuters) - Warburg Dillon Read analyst
Byron Walker started coverage of semiconductor equipment makers
LAM Research Corp. (NASDAQ:LRCX), Applied Materials Inc. (NASDAQ:AMAT)
and Novellus Systems Inc. (NASDAQ:NVLS) Tuesday with ratings of buy.
-- In a report, he set a price target of $69 for Novellus.
-- "We expect Novellus to outpace its peers as the SPE
(semiconductor production equipment) industry recovers and are
forecasting solid revenue and earnings growth through 1999 and
2000."
-- Walker set a price target of $67 for Applied Materials.
-- "Its broad set of successful products, established
global market share and operating leverage provide it with
considerable earnings power," he wrote.
-- He set a price target of $47 for LAM Research. The
company has "fixed its manufacturing problems and after a
string of one-time restructuring charges has wrung out the
organization."
-- Novellus closed at 54-13/16, LAM Research closed at
30-5/16 and Applied Materials closed at 61-13/16.
Copyright 1999, Reuters News Service
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