Canaccord Genuity Reiterates Buy Rating, $38 PT for Ultratech

In a daily letter published earlier today, Canaccord Genuity reiterated its Buy rating and $38.00 price target for Ultratech, Inc.

. Canaccord went on to say “Ultratech is extremely well positioned for the current wave of 28nm CAPEX, which is driven by demand for wireless GPUs in next-gen portable consumer electronics. While SEMI trends are inherently cyclical, we believe that laser annealing is basically unavoidable for future geometry shifts as flash and rapid thermal annealing do not offer sufficient performance/yield at sub-28nm line widths. With 100% market share in laser processing due to strong IP (including its license to AMAT), we see plenty of longer-term opportunities.” Ultratech, Inc. closed yesterday at $30.42.