UPDATE: Stifel Nicolaus Initiates Hold on Amtech Systems

Stifel Nicolaus initiates its coverage on Amtech Systems

with a Hold rating on a limited spending outlook ahead of new products for 2013. Stifel Nicolaus notes, "We are optimistic about 2013 for Amtech Systems because it is expected to have several new products to drive additional backlog and earnings. However, we view the current spending outlook as limited, given 2012 is a transition year for the solar industry during which Tier-1 Chinese and Taiwanese producers begin to focus on higher efficiency cell designs. We see the shares as being fairly valued, given the lack of near-term orders and likely subdued spending trends in 2012; however, we believe any increase in order visibility for the company should allow significant multiple expansion." ASYS closed at $8.30 a share on Tuesday.