From RTS of the Wennerstrom thread:
Wennerstrom Semi Equipment Analysis
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To:Return to Sender who wrote (4937)
From: Return to Sender Monday, Aug 19, 2002 1:36 PM
Respond to of 4938
From Briefing.com: 12:55PM Soundview on Semis : In pre-open note, firm suggests to buy Applied Materials (AMAT 15.35 +0.65), Novellus Systems (NVLS 30.63 +1.48), or Lam Research (LRCX 14.85 +0.61), rather than KLA-Tencor (KLAC 40.40 +1.32) since KLAC's shares have depreciated by only 18% over past yr vs. AMAT's 31%, NVLS's 40%, and LRCX's 45%. Partly due to placement in unusually stable segment of very volatile industry, KLAC almost always trades at justifiable premium valuation to its competitors. However, current premium is unusually extreme; has been this high only three times in past 10 yrs, all of which signaled periods of poor performance for stock relative to group. If semi capital equipment rebounds in coming months as firm expects, KLAC should underperform peer group. Should semis decline or plateau, firm thinks KLAC has more downside potential; thinks AMAT, NVLS, and LRCX offer compelling risk/reward.
finance.yahoo.com^SOXX+ALTR+AMAT+AMD+BRCM+DELL+I... |
