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Technology Stocks : Novellus
NVLS 2.400+2.1%Jul 24 5:00 PM EST
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To: Kirk © who wrote (3530)12/1/2004 9:43:03 AM
From: Proud_Infidel   of 3813
 
Novellus Systems Is Fairly Valued
12.01.04, 9:26 AM ET

Standard & Poor's Equity Research maintained a "hold" rating on Novellus Systems (nasdaq: NVLS - news - people ) and raised estimates on the semiconductor company. Based on higher sales and margin assumptions, S&P Equity Research raised its fourth-quarter earnings estimate to 25 cents per share from 19 cents. The research firm raised its 2004 and 2005 earnings-per-share estimates to $1.04 and $1.36, from 99 cents and $1.35, respectively. "During its mid-quarter update, Novellus forecasts fourth-quarter earnings per share of 24 cents to 26 cents on revenues of $325 million to $330 million," S&P Equity Research said. "New orders and shipments both appear to be tracking near the upper end of the company's earlier forecast." The research firm said Novellus is fairly valued based on relative price-earnings analysis. "But we suggest investors hold its shares, given our longer-term optimism for the chip equipment group," S&P Equity Research said.
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