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Technology Stocks : Asyst Technologies (ASYT) Good Value/Where is the Bottom?
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From: Ian@SI11/13/2006 8:20:18 PM
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Before the open, Needham noted they are maintaining their Buy recommendation on the shares of Asyst Technology (ASYT, $6.73 -0.71). Firm believes the co continues to clear up a number of issues that have kept downward pressure on the stock. It would appear that the stock option issue is behind the co and the major focus going forward will be getting margins and profitability back to good levels. They believe there are still a number of factors that are clouding the financial performance of the co. Due to purchase accounting marking up the cost of goods sold to near zero margins coupled with some lower ASI margin business in backlog, the next couple of quarters will appear to have very depressed margins and thus artificially depressed earnings. Firm believes it is more realistic to use their March 2008 fiscal year est of $1.00 as a more "normalized" view of earnings. If they apply a conservative 13 multiple they get their tgt of $13.
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