Oppenheimer Thinks Orbotech is Still Undervalued

According to a research report released earlier today, Oppenheimer believes that Orbotech

is currently undervalued, despite lower 2012 revenue/EPS estimates. In the report, Oppenheimer went on to say, “1) Touchscreen segment-related revenues are likely to double in 2012; 2) High density, interconnects for mobile devices are growing; Chinese wages are not getting cheaper; 3) expecting FPD recovery in 2H12 helped by investments in China, Apple TV and/or other devices; additionally from higher resolution 2k, 4K screens.” Oppenheimer maintains its Outperform rating and $16 PT on Orbotech, which closed yesterday at $11.05.