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Technology Stocks : Dupont Photomasks (DPMI) -- Ignore unavailable to you. Want to Upgrade?

To: Kevin G. O'Neill who wrote (656)	6/29/1998 11:55:00 AM
From: Kevin G. O'Neill	Respond to of 955

Coverage initiated...ÿÿÿLong Term Attractive... Friday June 26, 9:46 am Eastern Time Company Press Releaseÿÿÿhttp://biz.yahoo.com/n/d/dpmi.html SOURCE: BancAmerica Robertson Stephens BancAmerica Robertson Stephens Initiates Coverage on DuPont Photomasks SAN FRANCISCO, June 26 /PRNewswire/ -- BancAmerica Robertson Stephens research analyst Sue Billat initiated coverage today on DuPont Photomasks, Inc. (Nasdaq: DPMI - news) with a Long Term Attractive rating. As the world's largest merchant photomask manufacturer with strong management, advanced technology, and an established global manufacturing network, DPI is well positioned to gain share in the photomask industry, according to Billat. ''Despite the current equipment industry slowdown, we expect the photomask sector's growth, which is driven primarily by design activity, to remain strong,'' said Billat. Design activity continues to be fueled by the accelerated pace of device shrinks, shorter product life cycles, and chipmakers' demands for quicker time to market, she noted. Billat believes that DPI is particularly well positioned to gain share as the photomask sector increases its strategic importance to chipmakers. ''DPI's growth continues to benefit from an increasing proportion of high end masks, which typically command higher ASPs and margins,'' Billat said. The photomask industry tends to be countercyclical to the equipment industry, Billat also pointed out. ''We expect this countercyclicality to be fostered by chipmakers' deployment of a strategy to curtail capital expenditures by extending the capability of their existing tools through aggressive design shrinks.'' Billat believes the stock is attractively priced for investors with a 12- 18 month horizon. Her 1998 and 1999 EPS estimates are $2.13 and $2.20, respectively. Pending a recovery in industry fundamentals, she would likely become more aggressive on the stock, and also cited near term concerns of currency exposure in Asia. BancAmerica Robertson Stephens is a leading international investment banking firm focused on emerging growth companies. The firm's 50 senior research analysts cover over 575 companies. The information contained herein is not a complete analysis of every material fact respecting any company, industry or security. Although opinions and estimates expressed herein reflect the current judgment of the Firm, the information upon which such opinions and estimates are based is not necessarily updated on a regular basis, when they are, the date of the change in estimate will be noted. In addition, opinions and estimates are subject to change without notice. This Report contains forward-looking statements, which involve risks and uncertainties. The Company's actual results may differ significantly from the results described in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in ''Investment Risks.'' BancAmerica Robertson Stephens from time to time performs corporate finance services for some companies described herein and may occasionally possess material, nonpublic information regarding such companies. This information is not used in the preparation of the opinions and estimates herein. Facts and other information discussed have been obtained from sources considered reliable but are not guaranteed. BancAmerica Robertson Stephens, its managing directors, its affiliates, and/or its employees may have an interest in the securities of the issue(s) described and may make purchases or sales while this report is in circulation. BA Robertson Stephens International Limited is regulated by the Securities and Futures Authority in the United Kingdom. This publication is not meant for private customers. The securities discussed herein are not FDIC insured, are not deposits or other obligations or guarantees of Bank of America NTSA, and are subject to investment risk, including possible loss of any principal amount invested. SOURCE: BancAmerica Robertson Stephens More Quotes and News: Dupont Photomasks Inc (Nasdaq:DPMI - news) Related News Categories: banking, computers, semiconductors