Formerly About Applied Materials Message Board

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Politics : Formerly About Applied Materials

AMAT 301.88

-1.0%

Jan 14 3:59 PM EST

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To: Proud_Infidel who wrote (35180)	5/11/2000 9:30:00 AM
From: Jeffrey D	Read Replies (1) of 70976

Brian, From CS First Boston today. Jeff << ESTIMATE CHANGES Applied Materials (AMAT, $84.63, BUY) Target (12 Months): $112 In-Line Q2, Upside Should Materialize In 2HFY00 - Cycle Accelerating 0.13 Micron, Copper And 300 MM. Q2 Solid Revenue and EPS, Albeit In-Line with Guidance - Revenue and EPS of $2.2 billion and $0.55 (excluding charges and acquisition of ETEC) was in line with company guidance; but below our $2.25 billion and $0.58. Bookings momentum continues. 2Q bookings of $2.93 billion at top-end of range and up 20% sequentially. Book to bill of 1.34, backlog of $3.2 billion. Sequential bookings growth throughout 2000 is intact. Upside materializes in 2HFY00 - Lack of upside in 2Q driven by lingering manufacturing inefficiencies and higher R&D spending. Revenue upside to 2HFY00 with modest margin expansion provides basis for raising estimates. The Cycle is Accelerating - We are seeing an acceleration by the industry to 0.13 micron, copper, and 300 mm. AMAT is gaining share in a cycle with longevity and strength - Buy aggressively on weakness. Annual Prev. EPS EPS 10/01E $3.65 $3.35 10/00E 2.43 2.40 10/99A 0.90 --

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