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To: Sun Tzu who wrote (8826)	10/19/2000 7:45:48 PM
From: John Stewart	Respond to of 10921

An interesting side note of the MTSN CC tonight was that they say 300mm picking up much faster than expected while 200mm orders were slowing. They had a BTB of 1.32 with 26% of booking being 300mm. I would like to suggest that the pause that our friends in the investment community might being seeing is merely a minor pause before an more rapid than expected jump into 300mm. Best Regards, John Stewart

To: Sun Tzu who wrote (8826)	10/20/2000 9:28:23 AM
From: Terry D	Read Replies (2) \| Respond to of 10921

Ultratech Stepper( UTEK $18 5/8 ) - Buy Price Target: 30 A Giant Step Up MarketCap: $393 Million Index: NASDAQ Composite, Russell 2000 Robert Maire - Semiconductor Capital Equipment We rate UTEK a Buy with a 12-mo.price target of $30 based on 30x our new FY2001 earnings estimate of $1.00 up from $0.73. We firmly believe there is little downside left in the company's stock price and a substantial amount of potential upside opportunity in its new and its old businesses. Bump processing has gone from nothing a year ago to what looks like at least 30 to 40% of business in the near term, and we feel its just the tip of the iceberg. Though the bump processing sales are currently concentrated in Japan, we expect it to spread rather quickly to other market areas as the back-end (assembly & test) of semiconductor manufacturing is normally faster to adopt new technologies. The upside potential in the new bump processing market (CAGR of 45% from 2000 to 2005) continues to look very promising and we should see ongoing momentum building there. Bump processing was up about 5 fold from the prior quarter and accounted for about 30% of revenues in Q3 and is expected to ramp from that level going forward. UTEK had a huge book to bill ratio of 1.6 to 1 and we feel Ultratech can deliver on this high ramp. This is the highest number in UTEK's history. At current price levels we think the UTEK is very attractive with little or no downside but tremendous upside potential. Bear Stearns: 12/00E $0.22 from $0.14; Q4 $0.20 from $0.17 12/01E $1.00 from $0.73 Consensus: 12/00E $0.15; Q4 $0.17 12/01E $0.83 Consensus Rating: 2.0 (Last Updated 10/19 )