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Technology Stocks : Novellus

NVLS 2.400

+2.1%

Jul 24 5:00 PM EST

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To: A. Edwards who wrote (2371)	9/7/1999 11:52:00 PM
From: A. Edwards	Read Replies (1) of 3813

Merrill said "Copper Starting to Shine". Merrill Lynch & Co. 3 September 1999 Mark F. FitzGerald, Vice President Thomas R. Diffely, Industry Analyst Reason for Report: Company Visit 12 Month Price Objective: $100 Investment Opinion: B-1-1-9 Investment Highlights: · Driven by a growing demand for copper equipment, we believe NVLS will post record bookings of $200 million in 3Q '99, up from an estimated $175 million in 2Q '99. · The company has taken an early lead in the electroplating market. We estimate the company has had more than 10 design wins to date well ahead of the second place contender. · Interest in the company's PVD tool is growing as major accounts such as Intel and IBM are taking a more serious look. · We believe the foundries are in the midst of a technology war and copper has become the weapon of choice. Of the two foundry superpowers we believe UMC has the technology lead but TSMC is not about to surrender. · Our $100 price objective assumes a 30x multiple on CY'00 EPS estimates of $3.34.

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