U.S. chip equipment stocks seen up in 12 mths, 'patience key' - WitSoudView

SAN FRANCISCO (AFX) - Semiconductor equipment stocks are likely to be "materially higher" in 12 months, although "patience will be key," analysts at Wit SoundView said, whilst reiterating a near-term 'underweight' position on the sector.	    "In our view, the likely scenario is a bottoming of orders in the next several quarters, but the return to growth that supports current multiples is still not on the near-term horizon," analyst Michael O'Brien said.	    Stocks in the sector covered by Wit SoundView "are likely to return to historic growth trends sometime in 2002," O'Brien said, cautioning however that the lack of end-market demand is likely to stifle strong growth until early next year.	    In the capital equipment segment, O'Brien favours KLA-Tencor Corp, LAM Research Corp, Novellus Systems Inc and Brooks Automation.	    In the nearer-term, O'Brien "would steer investors to" Photronics Inc, Cadence Design Systems Inc and Veeco Instruments.       

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