Applied Materials No-Politics Thread (AMAT) Message Board

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

AMAT 260.22

+0.4%

Dec 23 3:59 PM EST

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To: etchmeister who wrote (16572)	11/16/2005 8:20:31 AM
From: matt dillabough	Read Replies (1) of 25522

Stanford Group downgrades Guidant (GDT 62.50) to Hold from Buy, as they believe the offer price from JNJ will be the final price and that there will not be any additional offers nor further problems... CIBC initiates Applied Materials (AMAT 17.74) with a Sector Perform and $15 tgt, as the co is adapting quickly to slower growth by offsetting more muted fundamentals with continuous cost cutting and share buybacks, driving EPS leverage... CIBC initiates Mattson Technology (MTSN 8.82) with an Outperform and $10 tgt, as they believe the co's margin expansion story in 2006 bucks the trend of decelerating expansion in capex intensity and equipment revenue growth/earnings leverage converging with the chipmakers... CIBC initiates KLA-Tencor (KLAC 50.70) with a Sector Perform and $45 tgt, as they believe its product pipeline is an impressive A.S.P. arsenal, yet the co is not the best hedge in a downturn and the group's forward P/E vs INTC/S&P is likely peaking at a 40% premium... CIBC initiates Lam Research (LRCX 37.83) with a Sector Perform and $35 tgt, as the co's strategic initiative in single-wafer clean tools brings into question the sustainability of near-perfect margins... CIBC initiates Teradyne (TER 14.68) with a Sector Perform and $16 tgt, as the co's restructuring story in 2006 bucks the group trend of slowing expansion in industry capex intensity... CIBC initiates Novellus Systems (NVLS 23.12) with an Underperform and $18 tgt, as they believe the co needs fixes to its cost structure to catch up to peers.

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