Etec Systems moving up Message Board

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Technology Stocks : Etec Systems moving up

ETEC 0.150

0.0%

Sep 8 5:00 PM EST

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To: JAM who wrote (732)	1/14/1998 9:31:00 AM
From: Paul Dieterich	Read Replies (1) of 1279

Lehman: ETEC maintained as buy: * An Etec competitor, Ultratec Stepper (UTEK, $19 9/16, Not Rated) announced that it has shipped its first V2000 electron beam reticle writing system. The system went to Photronics, a leading reticle equipment manufacturer. * The shipment makes Ultratech the 3rd manufacturer to ship a 0.25 micron reticle writer, after Etec and Hitachi. Hitachi's 0.25 micron shipments have been primarily in Asia. Etec is alone in offering a 0.18 micron system. * While this development adds more competition in the reticle writing equipment market, this market still has few viable competitors (most equipment markets have >3). We believe that Etec will maintain its market leadership. * Ultratech claims a price advantage with the V2000. If it can ship in volume, it may reduce some of Etec's upside price leverage on 0.25-0.35 micron units. But new generations of equipment will still command a price premium. * We believe that Etec is one of the few semiconductor equipment companies that can grow its business in the challenging climate ahead, as chipmakers accelerate their 0.25-0.15 micron plans. We recommend buying the shares.

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