Varian Medical Systems - Deutsche Banc Alex. Brown's Bruce Jacobs Initiates Research Coverage

Apr 23, 2001, 01:00 ET from Deutsche Banc Alex. Brown

    NEW YORK, April 23 /PRNewswire Interactive News Release/ -- Deutsche Banc
 Alex. Brown analyst Bruce Jacobs initiated coverage on shares of Varian
 Medical Systems, Inc. (NYSE:   VAR)($60.80) with a BUY investment rating.  The
 company is the world's leading provider in the $1.2 billion annual market for
 radiation therapy products and services.
     Jacob's said, "We believe Varian's Intensity Modulated Radiation Therapy
 (IMRT) technology represents a revolutionary breakthrough that promises to
 have a profound impact not just on the growth of the radiation therapy market,
 but more importantly, on patient care."
     Jacob's positive investment thesis is based on the following factors:
 
     *     Varian's IMRT technology is a revolutionary breakthrough in cancer
           therapy.
     *     Varian's core market is huge and supported by multiple positive
           growth trends.
     *     The company has an exceptional competitive position with high
           barriers to entry.
     *     Varian's large backlog, combined with the stability of its
           underlying markets, results in unusual predictability.
     *     Management has extensive, relevant experience and a track record of
           delivering upon expectations.
 
     "We believe Varian can deliver consistent, double-digit top-line growth
 which, along with margin expansion opportunities, should drive equally
 predictable bottom line growth approaching 20%," said Jacobs.
     Jacob's 12-month price target is $74.00 or 30x his CY02 estimate of $2.46.
 
     Deutsche Banc Alex. Brown represents the Investment Banking activities of
 Deutsche Banc Alex. Brown Inc. (US) and Deutsche Bank Securities Ltd.
 (Canada). Deutsche Banc Alex. Brown and Deutsche Bank Securities Ltd. are
 subsidiaries of Deutsche Bank AG.  With assets of about Euro 940 billion and
 more than 98,000 employees, Deutsche Bank offers its clients unparalleled
 financial services throughout the world in over 60 countries. It ranks among
 the leaders in asset management, capital markets, corporate finance, custody,
 cash management and private banking. Deutsche Bank is organized in two
 customer-oriented Groups: "Corporate and Investment Bank" (CIB) and "Private
 Clients and Asset Management" (PCAM). The keys to the Bank's success remain
 constant: customer focus, the spirit of innovation, a broad range of product
 skills combined with technological power and financial strength delivered by
 highly skilled professionals.
 
     Varian Medical Systems Inc. stock is optionable.
 
     Information herein is believed to be reliable and has been obtained from
 sources believed to be reliable, but its accuracy and completeness cannot be
 guaranteed.  Opinions, estimates, and projections constitute our judgment and
 are subject to change without notice.  This publication is provided to you for
 information purposes only and is not intended as an offer or solicitation for
 the sale of any financial instrument.  Deutsche Banc Alex. Brown Inc. and its
 affiliates worldwide, may hold a position or act as market maker in the
 financial instruments of any issuer discussed herein or act as advisor or
 lender to such issuer.  Transactions should be executed through a Deutsche
 Bank entity in the client's home jurisdiction unless otherwise permitted by
 law.  Deutsche Banc Alex. Brown Inc. is a member of NYSE and NASD.
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X30405357
 
 

SOURCE Deutsche Banc Alex. Brown
    NEW YORK, April 23 /PRNewswire Interactive News Release/ -- Deutsche Banc
 Alex. Brown analyst Bruce Jacobs initiated coverage on shares of Varian
 Medical Systems, Inc. (NYSE:   VAR)($60.80) with a BUY investment rating.  The
 company is the world's leading provider in the $1.2 billion annual market for
 radiation therapy products and services.
     Jacob's said, "We believe Varian's Intensity Modulated Radiation Therapy
 (IMRT) technology represents a revolutionary breakthrough that promises to
 have a profound impact not just on the growth of the radiation therapy market,
 but more importantly, on patient care."
     Jacob's positive investment thesis is based on the following factors:
 
     *     Varian's IMRT technology is a revolutionary breakthrough in cancer
           therapy.
     *     Varian's core market is huge and supported by multiple positive
           growth trends.
     *     The company has an exceptional competitive position with high
           barriers to entry.
     *     Varian's large backlog, combined with the stability of its
           underlying markets, results in unusual predictability.
     *     Management has extensive, relevant experience and a track record of
           delivering upon expectations.
 
     "We believe Varian can deliver consistent, double-digit top-line growth
 which, along with margin expansion opportunities, should drive equally
 predictable bottom line growth approaching 20%," said Jacobs.
     Jacob's 12-month price target is $74.00 or 30x his CY02 estimate of $2.46.
 
     Deutsche Banc Alex. Brown represents the Investment Banking activities of
 Deutsche Banc Alex. Brown Inc. (US) and Deutsche Bank Securities Ltd.
 (Canada). Deutsche Banc Alex. Brown and Deutsche Bank Securities Ltd. are
 subsidiaries of Deutsche Bank AG.  With assets of about Euro 940 billion and
 more than 98,000 employees, Deutsche Bank offers its clients unparalleled
 financial services throughout the world in over 60 countries. It ranks among
 the leaders in asset management, capital markets, corporate finance, custody,
 cash management and private banking. Deutsche Bank is organized in two
 customer-oriented Groups: "Corporate and Investment Bank" (CIB) and "Private
 Clients and Asset Management" (PCAM). The keys to the Bank's success remain
 constant: customer focus, the spirit of innovation, a broad range of product
 skills combined with technological power and financial strength delivered by
 highly skilled professionals.
 
     Varian Medical Systems Inc. stock is optionable.
 
     Information herein is believed to be reliable and has been obtained from
 sources believed to be reliable, but its accuracy and completeness cannot be
 guaranteed.  Opinions, estimates, and projections constitute our judgment and
 are subject to change without notice.  This publication is provided to you for
 information purposes only and is not intended as an offer or solicitation for
 the sale of any financial instrument.  Deutsche Banc Alex. Brown Inc. and its
 affiliates worldwide, may hold a position or act as market maker in the
 financial instruments of any issuer discussed herein or act as advisor or
 lender to such issuer.  Transactions should be executed through a Deutsche
 Bank entity in the client's home jurisdiction unless otherwise permitted by
 law.  Deutsche Banc Alex. Brown Inc. is a member of NYSE and NASD.
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X30405357
 
 SOURCE  Deutsche Banc Alex. Brown