Helix Technology, a cold play on semiconductor equipment Message Board

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Technology Stocks : Helix Technology, a cold play on semiconductor equipment

HELX 36.78

+3.3%

Nov 21 4:00 PM EST

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To: mopgcw who wrote (1126)	2/2/2004 7:26:45 PM
From: mopgcw	Read Replies (1) of 1227

GS US SEMI EQUIPMENT: DOWNGRADING SECTOR AS INDUSTRY PASSES NORMALIZED CASH FLOW Summary: We are downgrading our Semi Equipment coverage view to Neutral from Attractive as we believe the industry has now moved beyond its normalized cash flow levels at which time cyclical stocks stop outperforming the market. While we expect fundamentals to remain strong as the cyclical upturn continues, cyclical stocks peak and trough well in advance of a corresponding move in fundamentals. Recall that the stocks troughed in Oct '02, nearly 12 mths before a cyclical upturn. We expect the market to be similarly anticipatory of a slowdown in industry fundamentals. To that end, we recommend that investors who must maintain exposure to the group take a more defensive approach to the individual stocks. As a result, we are downgrading AMAT, NVLS, and AEIS to IL/N from OP/A, and upgrading what we believe to be the more defensive names in our group, KLAC and FORM, to OP/N from IL/A.

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