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To: jd who wrote (14488)	6/19/1998 9:13:00 AM
From: Doug Skrypek	Respond to of 17305

jd: Today may be the day, Merrill Lynch made negative comments on NVLS this morning. DS

To: jd who wrote (14488)	6/19/1998 11:08:00 AM
From: Andrew Vance	Respond to of 17305

AV--Your timeframe is real good. I would be waiting until all the dust clears at SEMICON West for the 2-3 weeks you mention. However, if the show is under attended this year and if it makes the news that it is under attended, you might see some nice drops in proces due to an over reaction of the market mentality. In this one instance, I would deviate from your plan and take the risk that an over reaction occurred. I am hoping the joint venture between LRCX and NVLS results in a merger of the two companies. this will be a much healthier environment for both companies and will allow the combined entity to take on AMAT head on. I like your NVLS target number and see no reason that it could not be attained given the negativity in the market mentality of the financial community. Keep in mind that this would give NVLS a very low PE at that level. It would, however, almost guarantee a great recovery in price over the next 2-4 years. Your target price of $27 falls in the range of the $24-$28 WORST case scenario that I would anticipate. Andrew