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Technology Stocks : Novellus
NVLS 2.400+2.1%Jul 24 5:00 PM EST
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To: Gottfried who wrote (3466)8/4/2003 8:11:54 AM
From: Proud_Infidel  Read Replies (1) of 3813
 
7:59AM Novellus upped to Outperform from In-Line at Goldman Sachs (NVLS) 35.70: The upgrade is based on a) firm's view that the negative issues that have caused the stock to underperform its peers since mid-April have been resolved, b) relative to its peers, the stock is trading at a 20% discount on normalized free cash flow, c) co has good exposure to some of the customers that are driving the emerging equipment upturn, d) given the historically high correlation of the equipment stocks and NVLS' underperformance YTD, firm expects NVLS to outperform most of its front-end peers, and e) expects that both the Applied report and Novellus' mid-quarter update will be positive catalysts for the equipment stocks and believes that investors will look to NVLS to add additional exposure.
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