Excerpts from the MSDW semi equipment report:
". . . Our recommendations are focused on stocks that are trading at historically low trailing four-quarter price-to-sales ratios and have dominant franchises, as well as leading-edge photolithography plays. The value/dominant franchise plays in our universe of coverage are Etec Systems (ETEC - $36, rated Strong Buy), Cymer (CYMI - $18, rated Outperform), and PRI Automation (PRIA - $17, rated Outperform). The leading-edge photolithography plays that will likely grow in excess of the industry for the foreseeable future are ASM Lithography (ASMLF - $38, rated Strong Buy,), Cymer, Etec Ssytems, and the photomask plays, which we do not currently cover."
If I get time, I'll post more of the report later.
Pat
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