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Technology Stocks : Mattson Technology -- Ignore unavailable to you. Want to Upgrade?

To: John Stewart who wrote (1072)	3/26/1999 8:59:00 AM
From: Philip W. Dunton, Jr	Read Replies (1) \| Respond to of 3661

From Lehman Bros. research on 3/19: (analyst does not follow MTSN) 1) Many of the semiconductor equipment companies that we follow are indicating that they are ahead of their bookings plans for the March-April ending quarter. 2) This confirms our view that the upturn in the equipment industry is gathering momentum early this year, rather than in the second half. Equipment purchases are being made primarily to accommodate a technology acceleration in the semiconductor industry. 3) The recovery is still a measured one, but consensus expectations for industry growth and profitability in 1999 may be too low, and we expect a series of upward earnings revisions to follow the reporting of 1Q results. 4) We think share valuations in this sector will continue to reflect the growing prospect of a strong, lengthy business recovery, leading to higher than traditional peak margins.