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Technology Stocks : Cymer (CYMI)

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To: Tenebrous who wrote (22261)	6/17/1999 10:50:00 AM
From: Nevin S.	Read Replies (1) of 25960

From CSFB today: June 17, 1999 - 8:21am Credit Suisse First Boston Corporation CREDIT SUISSE FIRST BOSTON FIRST EDITION ASM Lithography (ASML, $56, BUY) Target (12 Months): $65 Continuing Order Momentum. With backlog already 2X year-end levels, order momentum is solid. The relentless drive to finer geometries suggests litho may grow from 15% of 1998 tool buys to 20% by 2003. Given its top-tier customer base and technology lead, ASML is likely to gain share for a seventh year in 1999. Estimates Have Upside. ASML is adding headcount to ramp shipments from 65 in H1 to 108 in H2 -- and pave the way for higher unit production in 2000. With a pickup in capacity buys and learning curve gains on advanced tool production, shipments and margins have upside. Raising Price Target. Foundries and memory makers buy advanced litho to facilitate shrinks and reduce production costs. The drop in DRAM prices has not affected tech-driven litho buys. We are raising our price target to $65 from $60, with further upside as visibility improves.Interim Update Warrants Higher Target Price Annual EPS 12/00E $1.95 12/99E 0.52

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