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Technology Stocks : Semi Equipment Analysis

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To: Donald Wennerstrom who wrote (18037)	8/12/2004 12:18:51 PM
From: Donald Wennerstrom	Read Replies (3) of 95743

Credence Systems "neutral," target price reduced <<Thursday, August 12, 2004 2:54:20 AM ET NEW YORK, August 12 (New Ratings) - Analyst Mark F FitzGerald of Banc of America Securities reiterates his "neutral" rating on Credence Systems (CMOS.NAS), while reducing his estimates for the company. The target price has been reduced from $12.30 to $6.70. In a research note published yesterday, the analyst mentions that Credence Systems' October quarter sales are likely to be adversely affected by the significant decline in the capital expenditures of Asian subcontractors and test and assembly companies. The Asian sector accounts for over 50% of the company's sales, the analyst says. The EPS estimates for 2004 and 2005 have been reduced from $0.21 to $0.12 and from $0.77 to $0.30, respectively.>>

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