Formerly About Applied Materials Message Board

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Politics : Formerly About Applied Materials

AMAT 223.31

-3.2%

3:59 PM EST

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To: Kirk © who wrote (35418)	6/8/2000 7:19:00 PM
From: Robert Krauss	Read Replies (1) of 70976

From U.S. Research Viewpoint, Goldman Sachs Investment Research, May 11, 2000, At $85, AMAT is trading at 30 times our revised calendar 2000 estimate of $2.87 and 23 times our calendar 2001 estimate of$3.65. AMAT is trading right in line with the S&P 500 multiple despite a 25% growth rate. Assuming rough 15% EPS growth into 2002("real" upcycles usually run for 3 years, although AMAT is starting to indicate that this could be longer) the stock is trading at 20 times a 2002 $4.15 extrapolation. If investors 12 months hence were to pay today's roughly 30 multiple of calendar 2000 EPS there is still 50% 12 month upside to our $130 target from here. We continue to recommend.... Lynnie K

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