Novellus Message Board - Msg: 23836111

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Technology Stocks : Novellus

NVLS 2.400

+2.1%

Jul 24 5:00 PM EST

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To: FJB who wrote (3664)	8/29/2007 1:49:34 AM
From: heavenly	Read Replies (1) of 3813

09:37 am Novellus: Am Tech/JSA Research reiterates Buy. Target $36.75 to $34. AmTech expects NVLS to reaffirm its Sept quarter guidance during the co's mid-quarter conf call Thursday after the market close. Sept quarter bookings are expected to stabilize; sequentially flat +/-5% Q/Q. Major memory makers in Korea are converting production lines from 200mm to 300mm as well as stepping up flash orders with modest declines in DRAM orders. Foundry orders have been slow in rebounding with some pushout risk. As bookings stabilize, and valuation is near trough levels at 1.8x price/book, firm recommends purchase of the stock. As a note, they are reducing their tgt slightly from $36.75 to $34 to reflect recent increased market uncertainty.

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