From a Soundview report yesterday. They must be joking.
"We believe the semiconductor capital equipment stocks are unusually good bargains at their current prices, especially in the aftermath of Applied Materials' recent indications of lower than expected order growth. We believe valuations are compelling relative to their trading history, as well as relative to the stocks of their customers or their customers' customers. We believe the bellwether issue of the space - Applied Materials - is more attractive than Novellus Systems."
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