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

To: Sam who wrote (53737)	9/16/2011 10:25:33 AM
From: Sam	Respond to of 95546

Veeco Instruments Inc (VECO) The Cat’s Head Is Out Of The Bag; Further Trimming 2012 16 September 2011 ¦ 11 pages citigroupgeo.com Close, but not quite — On the heels of lower 2012 EPS, we are cutting our target to $40, still ~26% above current levels but still not quite enough to warrant a Buy in our rating system. Net cash should support downside, and as low as our 2012 numbers are, VECO still generating ~$3/share in FCF in 2012 meaning net cash should grow to near $15/share by YE2012. Using TER as an example (a capital equipment company that still generated cash during a big correction), there is precedent for strong support at ~2x net cash (see chart) which implies ~$25/share. So, upside now outweighs downside by 3:2 but we would still rather wait for the big Street estimate reset. === Aixtron SE (AIXGn.DE) Finally Big Reset; Some Industry, Some Company-Specific; Sell 15 September 2011 ¦ 9 pages citigroupgeo.com