Formerly About Applied Materials Message Board

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Politics : Formerly About Applied Materials

AMAT 225.24

-1.5%

2:00 PM EST

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To: blake_paterson who wrote (26340)	11/17/1998 10:48:00 AM
From: Jeffrey D	Read Replies (1) of 70976

From Credit Suisse this morning. Good luck to all. Jeff << CREDIT SUISSE FIRST BOSTON CORPORATION Equity Research November 17, 1998 Applied Materials (AMAT, $37, BUY) Target (12 Months): $50+ Semiconductor capital spending has lifted off its summer lows, driven by an uptick in microprocessor-related investment and other factors. That the business has stabilized, and is improving selectively, is but the first of the three stock driving inflection points, to be followed by resumption of capacity buys (possibly in Q2:99) and manifestation of operating leverage. As in 1992, AMAT will probably lead the industry out of its slump, and we suspect that the guidance about Q1's outlook will be cautiously optimistic, but not the "Dr. Feelgood" call that propelled the stock sharply higher in November 1996. We remind investors that although the stock has moved smartly off its low, this may be but the first of three prospective upward legs on the stock over the next eight quarters. Annual EPS 10/00E $1.85 10/99E 0.45 >>

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