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Technology Stocks : Cymer (CYMI) -- Ignore unavailable to you. Want to Upgrade?

To: Gemini who wrote (21921)	4/30/1999 9:09:00 PM
From: orkrious	Read Replies (1) \| Respond to of 25960

DLJ report from 4/27 follows: Rating: BUY Change: Up From Market Perf. 12-Mo. Target: $30 We are changing our recommendation on the shares of Cymer to Buy from Market Performance with a one year price target of $30 based on 30X our FY2000 EPS estimate of $1.00 up from $0.95 based on management's guidance on improving longer-term business conditions and visibility. Our estimate for FY1999 is $0.03 down from $0.11 per share. At around $20 we feel CYMI is a good value given the long term potential upside for the company. We have been waiting for a reasonable price entry point for the stock with enough conviction on the forward estimates. In our view we now have several quarters of positive business trends which enable us to be more confident of the "sustainability"of the recovery. Though visibility in this sector of the business remains lower than average due to being a sub component supplier to the stepper makers, the news we have been hearing is of improving stepper sales. The combined additional confidence in forward views coupled with the fact the Cymer is "absolutely unavoidable, gotta have" technology in the semiconductor industry makes this a Buy. Cymer is a dominant leader in both technology and market share. We are pleased with Cymer's move to newer products, the 6000 series, and higher ASPs. Cymer continues to invest appropriately for the long-term best interests of the company.