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Technology Stocks : Applied Materials No-Politics Thread (AMAT) -- Ignore unavailable to you. Want to Upgrade?

To: matt dillabough who wrote (14253)	4/13/2005 9:12:57 AM
From: matt dillabough	Respond to of 25522

SG Cowen believes it is hard to get excited about semi cap equipment in the short term SG Cowen believes it is hard to get excited short term about semi cap equipment. The firm doesn't expect many surprises as earnings begin for major capital equip providers. Q1 looks like the order bottom for most - firm expects Q2 orders to be up +5% on avg. Tone/outlook ought to be positive but visibility remains very limited. While the firm expects modest improvement in H2, weak foundries, continued concern about memory market stability, and a lack of S-T demand side catalysts are likely to keep the group in a range S-T. That said, current valuations look attractive for long-term investors. The firm continues to look for opps to add to positions in LRCX and KLAC on weakness and they would buy ATMI here. Until the firm sees some signs of life from subcons, the firm remains more cautious on ATE providers, though CMOS looks to have found a bottom. LRCX (4/13) Kicks it off...Expect flat guidance. Headed into the end of the Q, the outlook for June had improved, body language suggested Q1 bottom. The firm assumes flattish guidance. Believes LRCX still well positioned to further extend share gains esp within front-end processes of DRAM vendors. Still a L.T favorite despite high (50%+) memory exposure. Executing crisply. The firm would buy ATMI headed into earnings - Expect a solid report. Despite slower than originally expected wafer start outlook, Cowen favors ATMI. The firm recommends taking advantage of pullback in shares at 17x '05E EPS.