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Technology Stocks : Semi Equipment Analysis

SOXX 360.46

+2.7%

Jan 28 4:00 PM EST

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To: Donald Wennerstrom who wrote (15155)	5/14/2004 11:27:37 AM
From: Donald Wennerstrom	Read Replies (2) of 95790

CSFB is out this morning with an outlook for AMAT. <<Credit Suisse First Boston Corp. JAGfn.com AMAT: Reit Neutral - Expect upside to F2Q (Apr). AMAT will report F2Q04 (Apr) earnings on May 18, post the close of market; We believe there is upside to our rev. and EPS estimates of $1.88bb and $0.18 to at least $2.0bb (up 29% q/q) and $0.21, versus guidance of $1.87bb and $0.17 to $0.19, street consensus is $1.89bb and $0.19. We are estimating gross new orders of $1.69bb (up 31.3% q/q) versus guidance of up 30%; and gross margins of 45.5% (versus 43.5% in Jan implying inc.GM of 55.4%). The stock is trading at 21.4x and 29.8x our CY04 and CY05 EPS estimates of $0.91 and $0.65 respectively; street estimates are at $0.95 and $1.19.>> CSFB is maintaining their "bearish" stance on AMAT for CY05 with an estimated -29 percent fallback in earnings compared to CY04. This is in contrast to the consensus estimate showing a gain of 25 percent for CY05 compared to CY04.

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