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

To: Donald Wennerstrom who wrote (39784)	8/2/2008 1:00:16 PM
From: Donald Wennerstrom	Read Replies (1) \| Respond to of 95622

S&P REITERATES STRONG BUY RECOMMENDATION ON SHARES OF KLA-TENCOR 9:02 AM ET 8/1/08 \| S&P Marketscope KLAC posts Jun-Q operating EPS of $0.60 vs $0.75, above our $0.58 estimate. Revenues fell 20%, due to NAND customer push-outs and lack of DRAM spending. We see the transition to 32nm increasing KLAC's total available market and we believe restructuring moves will position the company better for the next upturn. While we see muted demand in the near term, we think memory is near a trough, as it only represented 19% of Jun-Q total orders. We lower our FY 09 (Jun.) operating EPS projection to $1.81 from $2.56, and our 12-month target price by $9 to $47, based on a peer-premium P/E.