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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: The Ox who wrote (11973)	10/6/2003 5:54:08 PM
From: Return to Sender	Respond to of 95406

Semiconductor Equipment . . . Credence price target raised to $18 at Moors & Cabot. Based on recent channel checks, firm believes that Credence Systems is tracking ahead of quarterly expectations. According to firm, recent checks suggest that orders are tracking ahead of plan, driven by its flash memory tester product, Kalos, and potential new bookings for Octet that are also in the pipeline. Firm also believes the co continues to gain positive acceptance of its ASL 3000RF product, targeting the wireless market, though that market is becoming more intense with an increasing presence of LTX Corp.'s Fusion CX product. At the current rate, firm feels that CMOS will exceed its guidance of a 10% sequential uptick in bookings and actually come in between 15-20% for the quarter. Banc of America trims Applied Materials January quarter revenue guidance to $1.19 billion from $1.25 billion versus consensus of $1.25 billion, to reflect a more modest ramp in revs over the next several quarterrs. The firm says the improvement in new orders is not translating into an immediate ramp in revs, and notes that some of the large new orders such as Inotera and SMIC have delivery dates that stretch into the middle of 2004. However, firm says ongoing cost cuts will likely provide better leverage, and raises their 2004 EPS est to $0.50 from $0.49 versus consensus $0.46. Firm says the stock is expensive, and says 2004 EPS ests must double to support a higher target price (current target is $19). Semiconductors . . . Zoran downgraded at CE Unterberg to Long-Term Market Perform from Buy. The firm is saying their visit to Asia reveals quick commoditization of the DVD player supply chain; considering the near-term risk of lower avg selling prices and some market share loss. The firm cuts their already Street-low CY04 ests and believes that consensus ests don't seem achievable at this point. RobBlack.com MarketWrap robblack.com Did I say I was surprised? ;-) <gg> So what goes into the SOX when MOT comes out? RtS