Formerly About Applied Materials Message Board

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Politics : Formerly About Applied Materials

AMAT 220.28

-6.4%

Nov 20 3:59 PM EST

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To: Cary Salsberg who wrote (50321)	8/9/2001 3:10:59 PM
From: Jacob Snyder	Read Replies (1) of 70976

from CSFB 8/7/01: You can pay too much for good companies. We have been struggling with valuations all year. Stocks look expensive on just about every metric: As part of our downgrade of the sector(See our note dated 08/07/01), we are downgrading AMAT to Hold from Buy. We would become more aggressive in the AMAT at $30 or 10X estimated peak EPS potential next cycle of $3.05. At current valuation, SCE stocks will not provide much upside even if we are wrong on our fundamental analysis. Bottom-line: we believe that going forward, stocks in our universe will "BEST CASE" market/underperform and more likely continue to have significant downside risk of greater than 30% from current levels as investors confront the depth and duration of the current downturn.

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