UPDATE: Feltl and Company Reiterates Hold Rating, Lowers PT on Amtech Systems

In a report published Friday, Feltl and Company reiterated its Hold rating on Amtech Systems ASYS, but lowered its price target from $8.50 to $4.00. Feltl and Company noted, “The solar industry is coming off a near-term peak in capital equipment spending that saw significant capacity expansions at Asian solar manufacturers and tremendous market share gains by Amtech, which emerged as a major player in the space capturing roughly 40% of the market for solar diffusion furnaces during this period of brisk expansion. With concerns about cuts to feed-in-tariffs in Europe and overcapacity weighing heavily on the solar industry, Amtech's stock has declined significantly from its high. These concerns, combined with broadly negative sentiment on the solar industry, represent a headwind that should limit near-term gains in Amtech's stock price. Our new $4.00 price target is tied to the company's current cash per share of $4.47, we anticipate some modest decreases in this balance over the coming quarters, but net/net feel this is a fair price for the stock given the combination of new and existing products at Amtech set against near-term industry headwinds.” Amtech Systems closed on Thursday at $4.11.