Market Overview

UPDATE: D.A. Davidson Lowers PT on Ultratech Following 2Q Results

Related UTEK
Ultratech Introduces Superfast 4G Low-Cost In-line Inspection System For Patterned Wafers
Benzinga's Top Initiations

In a report published Friday, D.A. Davidson analyst Thomas Diffely reiterated an Underperform rating on Ultratech (NASDAQ: UTEK), but lowered the price target from $33.00 to $27.00.

In the report, D.A. Davidson noted, “UTEK reported revenue of $43 million and EPS of $0.03, below the Street mean of $45 million and $0.04, respectively. Systems revenue declined 38% sequentially, largely driven by lower sales of advanced packaging (AP) tools. UTEK's 3Q outlook calls for revenue of ~$43 million and EPS of breakeven, below the Street expectation of $48 million and $0.14. Similarly, the company expects 4Q revenue and earnings to be flat sequentially. Order pushouts and lack of exposure to ramping memory customers is driving the weak near-term outlook. UTEK's AP customers remain in a digestion period following two strong years of capacity additions. Its largest AP customer, Intel (INTC* - $23.26), commented last night on continued weakness across the PC market that is expected to extend through year end. We believe this will limit meaningful AP capacity additions for several quarters.”

Ultratech closed on Thursday at $32.45.

Latest Ratings for UTEK

DateFirmActionFromTo
Nov 2014Stifel NicolausInitiates Coverage onBuy
Oct 2014Barrington ResearchDowngradesOutperformMarket Perform
Oct 2014DA DavidsonUpgradesNeutralBuy

View More Analyst Ratings for UTEK
View the Latest Analyst Ratings

Posted-In: D.A. Davidson Thomas DiffelyAnalyst Color Price Target Analyst Ratings

 

Related Articles (UTEK)

Around the Web, We're Loving...

Get Benzinga's Newsletters