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Tucker Anthony Pares Novellus Estimates

Tucker Anthony maintains market perform and cut estimates on Novellus Systems (NVLS).

Analyst Gerald Fleming says Q1 results were in line, but his outlook for the rest of 2001 remains pessimistic. He cites the continued deterioration of the semiconductor industry and the slowing economy. Fleming cut the $1.46 2001 EPS estimate to $1.20, and trimmed the $1.70 2002 estimate to $1.34. He notes orders in Q1 fell 60% sequentially from Q4 to $210 million, reflecting lower demand for capacity and 200-millimeter applications.

Fleming says the company sees orders totaling $220 million in Q2 as cancellations wane. On a more positive note, he says the company is reporting relative strength in copper and 300-millimeter applications.

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