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

To: Gene W who wrote (3219)	4/24/2001 11:09:57 PM
From: Alan Gallaspy	Respond to of 3813

FWIY, MSDW has $60 price target. Novellus Systems (NVLS-$51-O-V) Earnings Results Jay Deahna/Steven Pelayo NVLS reported C1Q01 rev of $458.7MM (up 4% Q/Q and 109% Y/Y) and EPS of $0.62, both in-line with our estimates. Bookings likely bottomed in C1Q. Bookings in C1Q were $210MM, down 58% Q/Q. Mgmt suggests C1Q was the bookings trough for this downturn. We maintain our Outperform rating and raise our 12-month price target to $60. We believe investors should build a positions in NVLS shares by Aug. We would be buyers at 4x trailing sales ($45) and very aggressive buyers if stock dips below that level.