Varian Semiconductor Equipment Associates -- VSEA Message Board

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Technology Stocks : Varian Semiconductor Equipment Associates -- VSEA

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To: robert b furman who wrote (1591)	8/21/2003 8:08:14 AM
From: Proud_Infidel	Read Replies (2) of 1929

7:34AM Varian Semi upped to Overweight at JP Morgan (VSEA) 36.99: JP Morgan upgrading to Overweight from Neutral as the co is poised to gain share in single wafer, high current, the "fourth" ion implant market. According to the firm, in the move to 90nm and 300mm, it is clear that many chipmakers now plan to switch from batch high current ion implanters to single wafer for better throughput, dose control, and uniformity. Also, primary research that suggests competitors Axcelis (ACLS) and Applied Materials (AMAT) are behind the curve in developing and commercializing the single wafer, high current systems. On valuation side VSEA shares are trading at 12.3x firm's new peak C2005 EPS estimate of $3.05 versus our group average of 15.0x.

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