UPDATE: DA Davidson Upgrades Cabot Microelectronics to Buy
DA Davidson raises its rating on Cabot Microelectronics (NASDAQ: CCMP) to Buy from Neutral, with an increased price target of $49, on expectations of higher growth to wafer starts.
DA Davidson says, "Raising our CY12 wafer starts forecast. Our previous expectation of 5% growth in CY12 wafer starts was based on a flattish Q1 and subsequent modest growth throughout the rest of the year. With strong Q1 and Q2 expectations now, we are raising our wafer starts expectation to up 7% in 2012."
CCMP closed at $35.89 a share on Thursday.
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