Semiconductor and Semi-Equipment Analysts - Their Calls Message Board

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Technology Stocks : Semiconductor and Semi-Equipment Analysts - Their Calls

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To: Proud_Infidel who wrote (136)	10/17/2000 2:15:12 PM
From: Proud_Infidel	of 195

RESEARCH ALERT - ABN AMRO raises Novellus estimates Reuters Company News - October 17, 2000 08:42 Copyright 2000 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. NEW YORK, Oct 17 (Reuters) - ABN Amro said on Tuesday that it raised its fourth quarter 2000 and full year 2001 earnings per share estimates for Novellus Systems Inc. , a day after the chip equipment maker met third quarter Wall Street estimates. ABN Amro raised its fourth quarter 2000 EPS view to 72 cents from 70 cents and raised its 2001 EPS view to $3.40 from $3.20, "due to expectations of higher than previously anticipated sales of CVD and PVD equipment." ABN Amro reiterated a buy rating on Novellus amid confidence in its management team. ABN Amro said it sees "no fundamental reasons" for Novellus' current valuation and reiterated its 12-month price target of $85 on the company's shares. ABN Amro said high operating efficiency and one of the industry's shortest manufacturing cycles of 4 to 4.5 months let Novellus manage third quarter 2000 sales, margins and backlog without the trade-offs of profitability and its market positions. ABN Amro said that given the flexibility of Novellus' business model, strong demand for its products and its market share gains, it sees possible upside potential for the fourth quarter 2000 and full year 2001 sales and earnings, including management's guidance for $415 million sales and 71 cents earnings per share in the fourth quarter of 2000 and $2 billion in sales in 2001.

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