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Technology Stocks : ATMI-THE NEXT AMAT?

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From: Paul Lee	12/21/2004 1:48:24 PM
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ATMI Seen As 'Premier' Chip-Industry Supplier 12.21.04, 1:03 PM ET Piper Jaffray initiated coverage of ATMI (nasdaq: ATMI - news - people ) at "market perform" with a $26 price target. Piper Jaffray anticipates reacceleration of wafer growth in the second quarter of 2005 and becoming "strong" in the second half of the year, after chipmakers cut production in the fourth quarter of 2004 to correct channel inventory. The research firm said, "We note that copper wafer starts should grow at two times the industry rate as chipmakers ramp leading-edge production." ATMI, which Piper Jaffray calls the "premier materials supplier to the semiconductor industry," has nurtured strategic relationships with Applied Materials (nasdaq: AMAT - news - people ), IBM (nyse: IBM - news - people ) and Lucent Technologies (nyse: LU - news - people ) and counts among its largest customers: Intel (nasdaq: INTC - news - people ), 10% of direct sales; Taiwan Semiconductor Manufacturing (nyse: TSM - news - people ), 9%; and others. Piper Jaffray said its fourth-quarter and 2005 earnings estimates for ATMI of 17 cents per share and 83 cents, respectively, are below consensus. "We suspect that Street numbers for 2005 may come down and would buy the stock on any resulting weakness," Piper Jaffray said

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