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CIBC Ups Credence Estimates


CIBC World raised estimates for semiconductor test equipment maker Credence Systems (CMOS).

Analyst Peter Wright says fourth-quarter loss was 4 cents narrower than expected, bookings stabilization are occurring a quarter ahead of estimates, which limits downside and should drive near-term multiple expansion.

He says bookings are stabilizing ahead of the industry due to better-than-expected adoption of the company's Sapphire test systems and expansion in service bookings via NP Test. Wright says it's still early, and much restructuring lies ahead to fully consolidate NP Test acquisition, but Sapphire acceptance is encouraging.

He narrows his 66-cent fiscal 2005 (ending October) loss to a 31-cent loss and ups his $10 target to $12. He rates the stock at sector perform.


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