) posted stronger than expected $0.03 Q2 EPS. The company sees $1.2B-$1.3B 3Q revenues. CS First Boston raised its estimates.
Analyst John Pitzer says the company's Q2 EPS and bookings beat his estimates. He says new orders of $1.69 billion exceeded the company's $1.2-$1.3 billion guidance and his estimate of $1.4 billion-plus. He notes that systems orders from foundry and DRAM customers drove growth. The analyst raised his $0.10 fiscal 2002 (ending October) EPS estimate to $0.18 and his $0.43 fiscal 2003 forecast to $0.55. Pitzer notes that the Street sees $0.14 and $0.67, respectively. For Q3, he expects $1.25 billion in revenues. He says the Q2 results and the company's forward guidance are both solid, but uncertain end markets and the high relative valuation of the shares limit upside potential. Pitzer maintains his hold rating on the shares.