Credence Systems Slides 14.5% on Target Cut

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Credence Systems (CMOS) was down 14.5% in preopen Island trading after it posted fourth-quarter earnings of 89 cents per share, ahead of the Street's estimate of 95 cents.

ABN Amro

cut its 12-month price target to 45 from 60 and lowered its 2001 earnings estimate to $3 per share from $4 for the semiconductor equipmentmaker.