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Technology Stocks : Semi Equipment Analysis

SOXX 314.52

-0.6%

Dec 11 4:00 PM EST

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To: Donald Wennerstrom who wrote (54668)	11/17/2011 10:16:31 AM
From: Donald Wennerstrom	1 Recommendation Read Replies (1) of 95572

S&P KEEPS STRONG BUY RECOMMENDATION ON SHARES OF APPLIED MATERIALS 8:53 AM ET 11/17/11 \| S&P Marketscope AMAT posts Oct-Q operating EPS of $0.21, vs. $0.36, matching our estimate. Sales fell 22% from Jul-Q, driven by a cyclical correction across all businesses. We think display and solar revenues will remain depressed, but think sequential orders for both have bottomed. We believe chip equipment orders have troughed, see cost synergies from the Varian deal and restructuring efforts aiding margins. We cut our FY 12 (Oct) operating EPS estimate $0.28 to $0.80 and FY 13's by $0.08 to $1.17. We keep our 12-month target price at $16, on a blend of peer-premium P/E and price-to-sales.

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