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Technology Stocks : Semi Equipment Analysis

SOXX 299.81

+2.7%

Dec 19 4:00 PM EST

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To: sixty2nds who wrote (28168)	1/24/2006 7:47:37 AM
From: sixty2nds	Read Replies (1) of 95617

07:36 AMAT Applied Materials: Raising Estimates and Target Price to $25; Maintain Buy Rating - Stifel Nicolaus (18.98 ) Stifel Nicholas is raising its estimates and its target price for Applied Materials after recent checks, as well as commentary during the early part of earnings season, support the firm's belief that Applied is tracking ahead of plan for its 1Q06. The firm is lifting its target price to $25 from $22, as they also continue to believe that over 2006 and beyond, Applied can continue to outperform its peers. While possessing an already strong margin profile, the firm believes Applied still has additional room for expansion that could drive higher earnings that they are not yet forecasting. From their vantage point, the stock deserves to trade at a premium (which it has historically displayed) based on its bellwether status in the industry and its long-term growth opportunities, which the firm believes can outpace the semi cap industry. The firm maintains its Buy rating and establish a new target price of $25, based on 23x their new CY06 EPS estimate of $1.09 and 4.5x book value.

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