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Technology Stocks : Semi Equipment Analysis

SOXX 314.52

-0.6%

Dec 11 4:00 PM EST

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To: The Ox who wrote (6994)	11/21/2002 2:34:17 AM
From: The Ox	Read Replies (1) of 95573

www.soundview.com Stock Net: We are increasing our price target on Novellus to $38 from $31, as the company continues to look well positioned to benefit from the shift to copper within the semiconductor industry and, in our view, stands as the most formidable competitor to Applied Materials in the sector heading into the next upturn. Industry Opinion: We believe demand for semiconductor manufacturing equipment has been adjusted downward to reflect a digestion period following 80% growth in 2000 and a general lack of demand in the electronic end markets. Company Description: Novellus Systems is a leading supplier of wafer fabrication systems and services to the global semiconductor industry. The company focuses primarily on deposition products, including chemical vapor deposition (CVD), physical vapor deposition (PVD) and electroplating (ECD) equipment. Ticker: NVLS Price (11/19/2002): $31.86 52−Wk. Range: $54.48−$19.40 Market Cap (B): $4.6 Shares Out. (M): 145.2 Rating: Outperform Price Target: $38.00 • We continue to believe that Novellus is well positioned to benefit from the shift to copper given its dominant share in electrofill, momentum on the PVD front for barrier/seed deposition and new market potential in areas such as CMP. • We are increasing our price target to $38 from $31, while maintaining our calendar 2003 estimates of $880 million and EPS of $0.48. • Overall, the stocks in our coverage universe have risen substantially over the last several weeks. A pullback after this run−up is possible in our opinion, but we believe that those that need to build substantial positions would be well served to use that time to accumulate appropriately. • Please see this morning’s semiconductor manufacturing industry note from SoundView entitled "Looking for the Next Catalyst" for more details.

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