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Technology Stocks : Semi Equipment Analysis

SOXX 316.33

+1.3%

Dec 10 4:00 PM EST

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To: Donald Wennerstrom who wrote (43383)	2/12/2009 11:55:45 AM
From: Donald Wennerstrom	1 Recommendation Read Replies (1) of 95546

2009-02-12 S&P REITERATES HOLD RECOMMENDATION ON SHARES OF CYMER INC Before one-time charges, CYMI posts Q4 operating EPS of $0.28 vs $0.64, beating our $0.21 estimate. Sales fell 10% from Q3 due to declining lithography tool demand and customer utilization rates, which we see continuing through at least 1st half '09. We are encouraged by CYMI's plan to cut annual costs by $50M-$55M and lower its quarterly operating breakeven level to $65M-$70M. CYMI has $293M in cash, but will pay off its $140.7M convertible note due Feb. 15. We lower our '09 EPS estimate by $0.39 to $0.25 loss and keep our target price at $23, an above-peer price/sale.

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