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Technology Stocks : Network Appliance -- Ignore unavailable to you. Want to Upgrade?

To: Normandi who wrote (2336)	2/11/2000 12:53:00 PM
From: Lynn	Read Replies (1) \| Respond to of 10934

Alas, nothing new for NTAP at ML today, but does anyone hold shares of Credence Systems? A new report came out today in which they maintain accumulate and buy (long term) ratings. I stumbled upon it doing a search for STM [nothing, mentioned with LSI, LU, and Sharp in the last paragraph from the report copied here]: Price: $121 12 Month Price Objective: $140 Estimates (Oct) 1999A 2000E 2001E EPS: $0.14 $3.64 $4.33 P/E: 864.3x 33.2x 27.9x EPS Change (YoY): NM 19.0% Consensus EPS: $2.60 $3.50 (First Call: 09-Feb-2000) Q EPS (April): -0.11 $0.91 Cash Flow/Share: $0.14 $3.44 $4.14 Price/Cash Flow: 864.3x 35.2x 29.2x Dividend Rate: Nil Nil Nil Dividend Yield: Nil Nil Nil Opinion & Financial Data Investment Opinion: C-2-1-9 Mkt. Value / Shares Outstanding (mn): $2,904 / 23.8 Book Value/Share (Jan-2000): $8.82 Price/Book Ratio: 13.7x ROE 2000E Average: NA LT Liability % of Capital: 26.0% Est. 5 Year EPS Growth: 25.0% Stock Data 52-Week Range: $103 9/16-$17 1/4 Symbol / Exchange: CMOS / OTC Options: Phila Institutional Ownership-Spectrum: 82.4% Brokers Covering (First Call): 8 ML Industry Weightings & Ratings** Strategy; Weighting Rel. to Mkt.: Income: Underweight (07-Mar-1995) Investment Highlights: · CMOS report 1Q'00 revenues of $102 million and EPS of $0.71 versus our estimates of $90 million and $0.50. Bookings were $183 million versus our projection of $145 million and the prior quarter's $127 million. The B:B ratio was 1.8. · Upside to margins contributed to 75% of the earnings surprise. Operating margins were 25% versus our estimates of 19.5% · Our new price objective is $140 assuming a 35 multiple on CY-2000 EPS of $4.00. Change To Projections (FY October) FY'00 FY'01 New Revenues (millions) $542 $660 EPS $3.64 $4.33 Old Revenues (millions) $435 $570 EPS $2.71 $4.04 · The company added nine new customers in the quarter. Test houses and foundry account for 55% and 35% of the revenue mix. Not surprising Asia accounted for 69% of sales. · The new products are catching hold. ST Microelectronics and Sharp are new flash memory test customers. LSI and Lucent are using the new logic tester. Lynn