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Politics : Formerly About Applied Materials

AMAT 226.05

+1.3%

Nov 14 9:30 AM EST

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To: Tony Viola who wrote (29660)	4/21/1999 6:44:00 PM
From: Henry Eichorszt	Read Replies (2) of 70976

DLJ sees fall recovery for chip gear firms NEW YORK, April 21 (Reuters) - Leading securities firm Donaldson Lufkin & Jenrette on Wednesday predicted a fall recovery for semiconductor manufacturing equipment firms and upgraded ratings and earnings estimates on two key players in the sector. The optimistic outlook from New York-based Donaldson Lufkin Jenrette is a further sign the battered semiconductor industry may at last be in for brighter days. Shares of Credence Systems Corp. (CMOS - news) and Teradyne Inc. (TER - news) rose Wednesday after DLJ analyst Robert Maire made the ratings change and earnings upgrade based largely on positive industry figures released Wednesday evening. Shares of Credence were at $29.38 in late morning trade, up $4.25 while Teradyne was at $57.69, up $4.25. The release of the March semiconductor equipment industry book to bill ratio - a key industry indicator - showed a healthy rise in orders and shipments. It was further evidence that after years of decline, as over-capacity forced down prices and shuttered plants, chip making companies - the chip equipment makers' customers - are poised for price stability or even gains. ''We are on track for the ''U'' shaped recovery everyone has been talking about,'' Maire said in a statement. ''We should see most every player firmly back in a more ''normal''(if there is such a thing as normal in this industry) operational model by the fall.'' Maire lifted his estimate for Year 2000 Teradyne earnings per share to $2.25 from $1.75, and raised his Credence estimate to $1.25 from $0.40. Maire raised his one-year stock price estimate on Credence to $38, and his estimate on Teradyne to $68. Computer chip makers have seen their sales buoyed by stronger demand for personal computers, larger corporate communications systems and a flourishing market for information devices which contain semiconductors. ------------------------------------------------------------------------ More Quotes and News: •Credence Systems Corp (Nasdaq:CMOS - news)•Teradyne Inc (NYSE:TER - news) Related News Categories: computers, US Market News ------------------------------------------------------------------------ Help ------------------------------------------------------------------------ Copyright © 1999 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. See our Important Disclaimers and Legal Information. Questions or Comments?

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