UPDATE: Bank of America Downgrades Ultratech to Neutral, Lowers PT Following June Revenue/EPS Report

In a report published Friday, Bank of America analyst Krish Sankar downgraded the rating on

from Buy to Neutral, and lowered the price target from $42.00 to $37.00. In the report, Bank of America noted, “Ultratech reported June Q rev/EPS of $43M/$0.03 versus our estimate of $45M/$0.03 (consensus at $45M/$0.04) and guided sequentially flattish top-line for Sep & Dec Q. The bad news is that the pause is bigger than we expected and a C4Q recovery seems to be pushed out to CY14. While estimates get reset, we maintain our view that the underlying story of LSA adoption is not broken. But given the lack of near-term catalysts and the timing of 16/14nm FinFET adoption tough to predict, the stock could be range bound in the intermediate term. So we step to the sidelines and downgrade to Neutral. Our new price objective is $37.” Ultratech closed on Thursday at $32.45.