UPDATE: Taglich Brothers Downgrades Amtech Systems to Neutral on Depressed Solar Outlook
Taglich Brothers reduced its rating on Amtech Systems (NASDAQ: ASYS) from Speculative Buy to Neutral.
Taglich Brothers noted, "Solar industry manufacturers should experience a second year of uncertainty with many tier 2 and tier 3 manufactures likely to shut down in 2013. Tier 1 manufacturers should gain market share and begin to rebalance the industry's supply/demand equation. 2013 capacity investments are likely to be minimal. … We increased our projected loss for FY13 to ($0.93) from ($0.51) per share on sales of $45.7 million, down from $116 million. The reductions reflect a diminished solar order backlog of $13.8 million in 4Q12 from $26.1 million in 3Q12 and solar booking of only $2.1 million."
Amtech Systems closed at $3.00 on Friday.
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