Novellus Message Board - Msg: 15542967

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Technology Stocks : Novellus

NVLS 2.400

+2.1%

Jul 24 5:00 PM EST

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To: trilobyte who wrote (3201)	3/21/2001 6:08:30 PM
From: Alan Gallaspy	of 3813

We get a good word from Jay Deahna with MSDW, although I think the $50 within 12 months is retarded. More like 12 weeks IMHO. Novellus (NVLS-$40-O) Initiate Coverage with an Outperform Jay Deahna/Steven Pelayo We initiate coverage of NVLS with an Outperform rating and 12-month price target of $50. Our initial C2001E and C2002E EBG (earnings before goodwill) are $1.55 and $1.85. We believe NVLS is gaining share in the general CVD market, and the Gasonics acquisition should compliment NVLS's low-K CVD strategy. NVLS has a broad copper product portfolio. NVLS is the market share leader in copper deposition (ECD) and is beginning to make inroads in PVD. NVLS offers a complete suite of leading-edge copper deposition tools.

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