UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Kulicke and Soffa Industries

In a report published Monday, Jefferies reiterated its Buy rating on Kulicke and Soffa Industries

, and raised its price target from $15.00 to $18.00. Jefferies noted, “We believe that a cyclical trough is often a good buying opportunity. This time out, K&S' cost containment programme ($95m sales as breakeven), debt-free balance sheet (net cash $440m) and ongoing copper migration (30%+ of installed base) help to support profitability even in this tight DecQ. We continue to believe in cyclical FY13 recovery and thus reiterate our Buy recommendation but raise our PT to $18.” Kulicke and Soffa Industries closed on Friday at $12.59.