UPDATE: Stifel Nicolaus Downgrades Cymer to Hold on Valuation
Stifel Nicolaus reduced its rating on Cymer (NASDAQ: CYMI) from Buy to Hold and removed its $54 price target.
Stifel Nicolaus commented, "Following Cymer's earnings release last night, we are downgrading the stock from a Buy to a Hold, based on near term valuation reasons. The company generally met ours and consensus expectations and its outlook also reflected current industry trends (some softness in September and a likely pickup in December). Our downgrade is driven by the near term limited upside we see with the stock at current prices, particularly given the uncertainty in the marketplace as well as the volatility in the group."
Cymer closed at $58.51 on Tuesday.
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