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Technology Stocks : KEMET Corp.

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To: techtonicbull who wrote (181)	7/18/2000 2:31:06 PM
From: drsvelte	Read Replies (2) of 906

DLJ comment on AVX... AVX CORPORATION (AVX: $28.5)#+ 7/14/00 Demand Continues To Strengthen - Raising Estimates And Target Price Earnings Per Share Old New P/E Ratios (FY:Mar.) 2001E $2.47 $ 3.75 7.6 2000E 2.12 3.07 9.3 1999A 0.48 59.4 Rating: BUY Change: None 12-Mo. Target: $65 Never in the history of AVX has business been as strong or the outlook been as positive as it is today. For the third consecutive quarter, the company reported record sales and earnings. The investments AVX has made in capacity expansion and the development of new products continue to serve the company extremely well. In an environment of such strong demand across geographies and end-markets, we believe AVX is well positioned to continue experiencing strong sequential improvements in both revenue and profitability and grow market share throughout calendar 2000 and beyond. We are raising our FY'01 EPS estimates for AVX from $2.12 per share to $3.07 per share and raising our FY'02 estimate to $3.75 per share from $2.47. We are raising our 12-month target price to $65 per share from $55, up over 100% from current levels. If we are correct, we believe the share prices of AVX, Kemet, Vishay and General Semiconductor could increase 25-50% by year-end. We continue to rate AVX share a "buy" with a 12-month target price of $65 per share, up over 100% from current levels.

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