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Politics : Formerly About Applied Materials
AMAT 223.95+1.7%3:59 PM EST
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To: Ian@SI who wrote (36611)8/12/2000 10:14:47 PM
From: Cary Salsberg  Read Replies (2) of 70976
 
Ian,

RE: Morgan expects to better a $20B company before this cycle is done.

As far a public consumption is concerned, Morgan joins those posters who don't beleieve the cycle will end. So, his $20B is questionable. Since capacity is curently $14-15B, I am not sure that they will achieve margin improvement bringing on added capacity at the end of the cycle and not sure they will reach $20B.

But giving you a $6 EPS, my target goes from $90 to $120. I think that the market PE is for growth, not for cyclicals and the semi-equip warning flag has popped up prematurely and is not likely to completely fade from view. 20 PE it is.
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