Semi Equipment Analysis Message Board

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Technology Stocks : Semi Equipment Analysis

SOXX 303.84

+1.3%

4:00 PM EST

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To: Donald Wennerstrom who wrote (17824)	8/9/2004 12:11:36 PM
From: Return to Sender	Read Replies (1) of 95622

So trough level for AMAT according to RBC is around $13.13? Make a mental note to see if they change their tune in the future. $25 target on the upside... $13 possible on the low side. AMAT: Reit Sector Perform - We expect Applied to post a strong July Q3. We expect the company to meet or slightly beat our estimates of $2.15B and $0.25.Flat Q4 order guidance: We believe that the order book for Oct Q4 looks like it will be slightly up (a few percent). However, we do expect management to be somewhat cautious and so we expect Q4 order guidance of +/- 5%.AMAT is currently trading at 14.2 X our CY2005 EPS estimate of $1.15. Our Price target of $25 is based on 22X our CY 2005 EPS estimate. We see approximately 20% downside risk to a "trough" valuation level, but strong long-term earnings potential. We continue to rate the stock Sector Perform and Average Risk.>>

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