Novellus Message Board - Msg: 17779154

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Technology Stocks : Novellus

NVLS 2.400

+2.1%

Jul 24 5:00 PM EST

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To: robert b furman who wrote (3340)	7/23/2002 8:47:05 AM
From: Proud_Infidel	Read Replies (1) of 3813

Take the opinions of these people for what they are worth.....that is for each individual to decide:-) Novellus Systems (NVLS / Nasdaq) Salomon Smith Barney Revising estimates to reflect lower order growth forecasts for 2H02: CY03 EPS from $1.36 to $0.79; CY04 EPS from $2.40 to $1.65. While Novellus orders had outperformed peers, their disappointing order outlook raises risk that other equipment companies guide to sequential order declines, most notably LRCX & AMAT. Stock now trading at 2.3x book, by our analysis; we see downside risk to the $21-24 range but we remain buyers at current levels, closely equivalent to 9/11 valuation. Novellus Systems (NVLS / Nasdaq) Credit Suisse First Boston Reducing EPS estimates to $0.33 for this year and $1 for 2003, to reflect the company's new margin levels. Capacity orders remain elusive. Maintain Hold rating and $35 price target. Novellus Systems (NVLS / Nasdaq) Bank of America Montgomery Cutting our EPS estimates to $0.24 in 2002 and $0.75 for next year, as our second half recovery thesis is not materializing. Maintain Buy rating, as we believe the stock is close to a bottom. Novellus Systems (NVLS / Nasdaq) NEWS The company, whose equipment builds circuits in semiconductors, said third-quarter sales will be $250 million, which is less than the $257.5 million average estimate of analysts polled by Thomson First Call.

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