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Technology Stocks : Stock Swap
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To: Trader X who wrote (9751)11/21/1997 2:11:00 PM
From: Steven Messina,L.M.T.  Read Replies (1) of 17305
 
And now a word from the fundamental side of the fence on AMAT:

*********************************************************************
Merrill Lynch's report on AMAT's quarter

Price: $37 5/8
Estimates (Oct) 1997A 1998E 1999E
EPS: $1.32 $2.10-2.35 $2.75-3.25
P/E: 28.5x 16.9x 12.5x

Investment Highlights:
ú We are maintaining our Accumulate rating on
Applied Materials. Over the next 18 months
we think the shares could reach $55 or 20
times the low end ($2.75) of our FY99 EPS
estimate range.
ú We are raising our FY98 EPS estimate range
from $2.05-$2.35 to a range of $2.10-2.35. We
are maintaining our FY99 estimate range of
$2.75-$3.25.
ú We think Applied's guidance of $2.10-$2.15
EPS in FY98 is very conservative and
anticipates declines in Korean spending.
However, investors should note that Applied's
guidance implies almost flat sequential EPS
growth in 1998.
ú There are risks in 1998 that may take another
three to six months to play out. However, we
think Applied will be able to manage through
these risks, and investors that sit back waiting
for Applied to succumb could miss a good
investment opportunity.
Fundamental Highlights:
ú Record 4Q revenues, book to bill was 1.07.
ú Stays aggressive on R&D
*********************************************************************

In their opinion, DONT sit idly by waiting for AMAT to succumb. That doesnt mean that she wont hit $30/sh Kev.....just not in the cards FUNDAMENTALLY.

Steve
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