Let's do the numbers.
Below is a compilation of some of the analysts opinions
presented as a result of yesterday's warning. Also are
ratings, rankings, and a little history. See my follow-up post.
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Kulicke & Soffa (KLIC) 11 9/16 -3 5/16 : -- Update
Prudential downgrades to HOLD from STRONG BUY; lowered
September quarter EPS estimate to $0.52 from $0.58, December
quarter EPS estimates to $0.22 from $0.58, CY2000 EPS to
$1.81 from $2.23 and CY2001 EPS to $1.11 from $2.43.
Kulicke & Soffa (KLIC) 11 1/4 -3 5/8: -- Update -- CSFB
downgrades to HOLD from BUY after company lowers revenue
outlook for Q1. Analyst John Pitzer tells salesforce FY 01
(Sep.) ests. under review... Believes current pushouts
indicative of some residual overspending but more importantly
a lack of conviction in end market demand for semiconductors
in 1Q... Downgrades given high level of uncertainty, timing
for rebound, inability to predict corrective measures by
mgmt, high likelihood of unprofitable quarter ahead...
Current valuation does not reflect full downside risk... Says
prior thought at 0.5x rev./1.5x book value would suggest
bottom share price of $8-$9
11/2/2000 S&P MarketScope, Stocks In News 8:15 am...
DOWNGRADING KULICKE & SOFFA FROM ACCUMULATE TO AVOID (KLIC
15**)... Announces huge revenue miss likely for Q1 FY 01
(Sep.)... Expects $140M to $165M in Q1, vs. $268M in Q3 FY
00... Q4 FY 00 not yet reported, but smelling weaker on this
news... Customer order pushouts brought to light in August
worsening... Assuming some comeback in sales of wire bonders,
other back-end equipment for semiconductor manufacture by
spring, think KLIC still might earn $1.00 in FY 01... Price
was 15 at 11/2/00 close... sank to 11 after hours... No conf.
call until 11/6/00... Steer clear of heavy weather.
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Revised numbers from First Call:
Consensus rating (12 brokers) = 2.7 [= on the hold side of buy/hold; down from 1.8 three months ago]
Consensus estimates...
- for Q4 2000 = $0.56 (down from $0.64 three months ago; range $0.50-$0.60)
- for FY 2000 = $1.90 (down from $1.98 three months ago; range $1.83-$1.97; implied PE = 6.2)
- for FY 2001 = $1.74 (down from $2.64 three months ago; range $0.12-$3.05; implied PE = 6.8)
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A recent history of rating changes for Klic:
03-Nov-00 Prudential..Downgrade from Str. Buy to Hold
03-Nov-00 Dresdner....Downgrade from Buy......to Hold
03-Nov-00 CSFB........Downgrade from Buy......to Hold
03-Nov-00 S&P.........Downgrade from Accum....to Avoid
11-Oct-00 FS Van K....Downgrade from Buy......to Accum.
22-Sep-00 Josephthal..Downgrade from Buy......to Hold
08-Sep-00 Adams Hark..Downgrade from Str. Buy.to Accum.
09-Aug-00 FS Van K....Downgrade from Str. Buy.to Buy
04-Aug-00 MSDW........Downgrade from Outprm...to Neutral
04-Aug-00 ABN AMRO....Reiterated.................Outpfrm
03-Aug-00 Josephthal..Downgrade from Str. Buy.to Buy
03-Aug-00 Lehman......Upgrade...from Outpfrm..to Buy
03-Aug-00 Janney MS...Downgrade from Buy......to Accum.
03-Aug-00 Rob. Stph...Downgrade from Buy......to LT Attr.
03-Aug-00 Wit SV......Downgrade from Buy......to Hold
03-Aug-00 ABN AMRO....Downgrade from Buy......to Outpfrm.
03-Aug-00 SG Cowen....Downgrade from Buy......to Neutral
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