UPDATE: Bank of America Merrill Lynch Reiterates Buy Rating, Raises PT for Cymer

In a report published earlier today, Bank of America Merrill Lynch reiterated its Buy rating for Cymer, Inc. CYMI and raised its price target from $55.00 to $62.00. BofA Merrill Lynch went on to say “Cymer is leveraging its leading position in deep-UV light sources for semiconductor lithography into a growing service, spares and upgrade business that accounts for over half the revenues. This is proving to be counter-cyclical, which could provide some premium for the stock. However, share loss in the core laser light source market still creates risk. Even so, we think higher pricing, due to the move to immersion lithography, could help Cymer outperform in this cycle.” Cymer, Inc. closed on Monday at $57.43.