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Technology Stocks : Novellus
NVLS 2.400+2.1%Jul 24 5:00 PM EST
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To: zeuschan who wrote (1354)1/30/1998 4:11:00 PM
From: Math Junkie  Read Replies (1) of 3813
 
<<I am now wondering (maybe too late) if it is justify to value NVLS as $66/share in the first place...>>

Obviously not, with the benefit of hindsight. But we are now at 36, not 66. P/E is about 17, and based on forecast '98 estimates it is about 15, in an industry which has a long term growth rate of about 20%. The market will do what the market will do, but what I am saying is that to justify a price substantially lower than present levels, '98 earnings would have to come in a lot lower than currently forecast.
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