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Politics : Formerly About Applied Materials

AMAT 297.52

-6.6%

Feb 4 3:59 PM EST

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To: Tito L. Nisperos Jr. who wrote (4304)	5/7/1997 11:37:00 AM
From: Jeff Maresh	of 70976

Tito and all - I'm in the process of doing my semiannual portfolio review on AMAT and the numbers right now are interesting. I haven't interpreted them yet because I really have to do some "head scratching". The PSR history is going nuts anyway you cut it. The old PSR peak was 7/95 at 3.5 if you use a 4-quarter moving average or 2.6 using Cary's 4x current quarter method. The bottom was 7/96 at just about 1.0 for both methods. Both methods are now indicating PSR of 3.0-3.1 based upon meeting ACE revenue and a price of $65. My initial reaction is that it looks pretty steep. Like perhaps the momentum crowd is coming back. The NAIC PMG/SSG zones a "BUY" up to about $78 based upon the same numbers. However I might add that the NAIC method has difficulty dealing with high PSR stuff based upon my past experiences. This is simply still raw data at this point and I will post something when I finish up probably by early next week for discussion. Regards Jeff

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