UPDATE: DA Davidson Drops Coverage of Novellus Systems Post Completion of Lam Research Acquisition

DA Davidson has dropped coverage of Novellus Systems

, which was rated Neutral with a $52 price target. DA Davidson notes, "On June 4th, Lam Research (LRCX* - $35.99) completed the acquisition of Novellus, valued at approximately $3.1 billion. Under the terms of the merger agreement, Novellus shareholders will receive 1.125 shares of Lam common stock. As a result of the acquisition, Novellus' shares ceased trading on June 4, 2012; therefore we are discontinuing coverage of Novellus effective immediately. All estimates, price targets and rating, as shown, are from the most recent report published on April 19, 2012, and are now being vacated." NVLS closed at $40.39 on Monday.