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Technology Stocks : Varian Semiconductor Equipment Associates -- VSEA
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To: etchmeister who wrote (1730)9/13/2005 8:52:44 AM
From: Proud_Infidel   of 1929
 
To: John Carragher who wrote (25300) 9/13/2005 8:22:57 AM
From: sixty2nds Read Replies (1) | Respond to of 25305

07:52 VSEA Varian Semi: Market Share Gains Continue to Pace Outperformance in Group; Maintain Buy - Legg Mason (44.08 )

Legg Mason notes they recently completed their channel checks and spent some time with management getting an update on the industry landscape and Varian's current competitive positioning. In terms of the current quarter, the firm believes that things are tracking as planned, with memory orders continuing to provide near-term support. The firm continues to believe that Varian remains one of the most fundamentally sound companies in our coverage universe and should continue to outperform the group as we head into 2006. In the firm's opinion, the high current market share opportunities that they have discussed in the past will transpire in 2006, particularly in Japan, where Varian has historically lacked exposure. In total, the firm expects Varian to emerge as the high current market share leader in 2005 and continue to grow this share in 2006. Although the stock has had a sharp rise since hitting a low on April 15th (33% gain), the firm believes potential upside appreciation still exists. The firm reiterates its Buy rating and its $53 target price on the shares, based on 20x its CY06 EPS estimate of $2.65.
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