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Technology Stocks : Azenta
AZTA 34.50-0.2%Dec 18 4:00 PM EST
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To: Walter Morton who wrote (468)2/3/1999 12:16:00 AM
From: Ian@SI  Read Replies (1) of 1138
 
Snagged an upgrade from Merrill Lynch today...

Investment Highlights:

· We upgraded our recommendations on BRKS
to an intermediate term Accumulate and a
long term Buy rating.

· We are setting a 12 to 18 month price
objective of $30 assuming a 30 multiple of CY
'00 earnings of $1.00+.

· BRKS reported 1Q ‘99 revenues and EPS of
$19.8 million and d$0.05 versus our estimates of
$19.0 million and d$0.14. Higher than expected
EPS was due to effective implementation of cost
control programs and a product mix more
heavily weighted with software.

· Our FY'99 revenue projections remain at $87
million but our FY '99 EPS projections have
increased to $0.02 versus our previous
estimate of d$0.12.

Fundamental Highlights:

· During 1Q '99 BRKS had key software wins in
Japan and Taiwan with Toshiba and Acer. The
company should be able to leverage these
accounts to further penetrate the Asian markets
and expand its customer base.

· We believe significant F2H '99 growth will
come from robot and indexer module sales
into Novellus' line of copper tools. BRKS is
now providing modules for 7 NVLS platforms
and we believe NVLS will be the company's
largest customer in 1999.

· We believe the current industry slowdown
will continue to persuade many large OEMs to
accelerate their outsourcing programs. Brooks
appears positioned well to capture much of
this business which would further strengthen
the company.
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