UPDATE: Stifel Nicolaus Initiates Nova Measuring Instruments with Buy, $11 PT on Semiconductor Outlook

Stifel Nicolaus initiates its coverage on Nova Measuring Instruments

with a Buy rating and a price target of $11. Stifel Nicolaus comments, "In our view, the company is well positioned to benefit from continued shrinks in the semiconductor industry and new manufacturing process changes. We believe these trends will increase the percentage of process control spend (rising from 12% to 15%-17% of wafer fab equipment-WFE) over the next several cycles." NVMI closed at $8.23 on Monday.