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ABN AMRO Cuts AXT Estimates

ABN AMRO cut estimates and maintains buy on AXT Inc. (AXTI ).

Analyst Jung Pak says he lowered the $0.93 2001 EPS estimate to $0.61, and cut the $1.25 2002 estimate to $0.67 due to gallium arsenide (GaAs) order cancellations. He says Q2 estimates are unchanged. Pak thinks GaAs sales will decline 30% sequentially in Q3, and will be flat year over year in 2001. He looks for an upturn in GaAs sales in Q1 2002, and thinks the company's indium phosphide (InP) business remains strong and will account for about 24% of total 2001 sales compared to 11% of sales in 2000. Pak views AXT favorably for continued strength in InP

sales, accelerated demand for vertical-cavity surface-emitting

laser technology and long-term demand for GaAs.

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