Applied Materials No-Politics Thread (AMAT) Message Board

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Technology Stocks : Applied Materials No-Politics Thread (AMAT)

AMAT 261.90

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Dec 26 9:30 AM EST

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To: matt dillabough who wrote (15178)	6/3/2005 12:47:26 PM
From: Proud_Infidel	Read Replies (3) of 25522

Applied Materials Could Challenge KLA-Tencor.....but sell AMAT anyway: Applied Materials Could Challenge KLA-Tencor 06.03.05, 12:08 PM ET Banc of America Securities reiterated a "sell" rating and $14.20 price target on Applied Materials (nasdaq: AMAT - news - people ). The company will hold an analyst and investor meeting on June 6, where it is expected to introduce a bright field wafer inspection tool, part of what the research firm calls "a major segment of the process control market," adding that process control is one of the few critical front-end equipment segments where Applied's market share is very low. Banc of America believes the announcement could weigh on KLA-Tencor (nasdaq: KLAC - news - people ) and its stock price as the company holds 70% of the market. Wafer inspection comprises 35% of KLA-Tencor's revenue. Banc of America said "we think at a minimum a handful of customers will evaluate the tool and use it in their negotiations with KLA-Tencor. If the tool proves competitive then it would likely take share in a critical segment dominated by KLA-Tencor and slow KLA-Tencor's growth. The challenge for Applied is to position their tool against the broad capabilities of KLA-Tencor's 2138 system for detecting a range of defects." In its coverage of semiconductor capital equipment, Banc of America's top pick is Taiwan Semiconductor Manufacturing (nyse: TSM - news - people ), rated at "buy" with a target price of $9.35. Its least favorite is Teradyne (nyse: TER - news - people ), rated at "sell" with a target price of $9.80.

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