Novellus Message Board - Msg: 20466089

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Technology Stocks : Novellus

NVLS 2.400

+2.1%

Jul 24 5:00 PM EST

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To: Leonard Nitowski who started this subject	8/30/2004 5:29:58 PM
From: heavenly	of 3813

WR Hambrecht & Co. (NVLS) JagNotes <<30 August 2004, 07:25am ET NVLS: Reit Hold - We maintain a Hold rating on Novellus with a price target of $30 based on a 5x multiple of 2005E gross profits of $5.93 a share. Novellus gave mid-quarter guidance, with EPS estimated at $0.37 (at the low end of its earlier range of $0.37-$-0.39) on revenues of $412 million (vs. earlier guidance of $408-$418 million). Orders are also expected to be at the low end of the Company`s earlier $420-$440 million target. Both orders and revenues include approximately $20-$25 million from the recent purchase of Peter Wolters. Management did say that buybacks have cut outstanding shares by six million to 145 million mitigating the reduction in our 2004 and 2005 estimates.>>

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