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Technology Stocks : Cymer (CYMI) -- Ignore unavailable to you. Want to Upgrade?

To: Robert Douglas who wrote (24217)	2/8/2000 3:35:00 PM
From: Rustam Tahir	Respond to of 25960

What a stupid downgrade. Six days ago Deahna wrote this: - Strong bookings Bookings increased 21% sequentially to $98 million, driving a 1.27 book-to-bill ratio. - Reiterate Strong Buy rating We reiterate our Strong Buy rating on CYMI shares and our $65 stock price target. Investment Summary and Conclusion: - We reiterate our Strong Buy rating on Cymer and $65 stock price target on CYMI shares, which represents a 32 P/E multiple applied to our F2001 (December) EPS estimate of $2.05. - Cymer continues to benefit from a rapid mix shift to its 6000 Series products. 6000 Series lasers represented 51% of F4Q99 systems revenues compared to 24% in F3Q99. 6000 Series lasers represent a positive mix shift in terms of average selling prices (ASPs). Additionally, due to high levels of deep-UV photolithography system utilization, Cymer is consistently running ahead of plan in service and spares revenues. Spares generate margins equal to full systems sales. - Strong bookings indicate rising unit shipments with an improving mix. Consequently, we expect Cymer to deliver solid sequential revenue and EPS growth for the foreseeable future. We expect further positive EPS surprises in upcoming quarters and rising forecasts. - We believe CYMI shares will continue to move higher over the next few quarters based on the following: - 1. Strong company-specific bookings and EPS momentum. - 2. Accelerating year-over-year semiconductor industry revenue growth. - 3. Strengthening adoption rates of high numerical aperture scanning photolithography systems that require advanced 6000 Series or better lasers. So what's changed? If the Stock has run ahead of itself why raise the target price?