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Technology Stocks : ASML Holding NV -- Ignore unavailable to you. Want to Upgrade?

To: niek who wrote (1363)	3/14/2007 1:35:16 PM
From: niek	Respond to of 43583

Cutting ASML Estimates Following Industry Checks Suggesting H107 Unit Orders Track Below Our Estimates - Thomas Weisel Comments Wednesday morning, Thomas Weisel cut its 2007 EPS estimate for ASML Holding NV (ASML) to $1.78 on revenues of $5.05 billion from $1.82 on $5.13 billion. The brokerage also introduced 2008 estimate of $2.02 on revenues of $5.53 billion. And the brokerage maintains its Overweight rating on the ASML shares. Analyst Doug Reid said the estimate cut followed industry checks that suggest first half 2007 unit orders are tracking below the brokerage's prior estimates. The analyst also said the estimates reflect ASML'S recently completed share repurchase program and forex effects. The brokerage reduced its unit order assumptions for the first quarter of 2007 to 55 from 61 and that for second quarter to 65 from 68. The analyst said the more conservative estimates follow checks that indicate ASML is achieving a slower penetration of the Toshiba account than previously anticipated. The analyst, however, noted that the brokerage's revenues and earnings estimates remain above-Street. And based on increased confidence that ASML continues to gain market share, the brokerage believes the company will deliver 3-year above-peer revenues and earnings growth. The brokerage also believes that a premium valuation relative to its semi cap peers is appropriate. And the brokerage views that valuation of ASML shares, currently trading at 13x its 2007 EPS estimate, well below the peer average of 16.3x and well below the 20% EPS CAGR ASML will deliver over the next 3 years, is attractive.