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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (62087)	3/14/2002 2:38:59 AM
From: StanX Long	Read Replies (2) \| Respond to of 70976

Morgan Cuts Chip Equip Rating, Cites 'Lofty' Valuations By: Donna Fuscaldo, Of DOW JONES NEWSWIRES biz.yahoo.com NEW YORK -(Dow Jones)- Although Morgan Stanley Dean Witter analyst Steven Pelayo expects most chip equipment companies to meet, and even beat, earnings estimates for the current quarter, he cut his investment rating on a handful of stocks because of their "lofty" valuations." "Using price-to-sales ratios, semiconductor equipment valuations are near previous cyclical peaks," wrote the analyst in a research report Wednesday. " Furthermore, adjusting for SAB 101 accounting, price-to-sales ratios are actually above previous peaks" Pelayo, who maintained his strong buy rating on Applied Materials (NasdaqNM: AMAT - news) Inc. (AMAT), ASML Holding NV (ASML) and Cymer Inc. (CYMI), downgraded Axcelis Technologies (NasdaqNM: ACLS - news) Inc. (ACLS), KLA-Tencor Corp. (NasdaqNM: KLAC - news) (KLAC), Lam Research Corp. (LRCX), LTX Corp. ( LTXX), Novellus Systems (NasdaqNM: NVLS - news) Inc. (NVLS), Teradyne Inc. (NYSE: TER - news) (TER), and Varian Semiconductor Equipment Associates Inc. (VSEA) to outperform from buy ratings.