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UPDATE: Canaccord Genuity Downgrades Ultratech on Balanced Risk/Reward at Current Levels

Related UTEK
UPDATE: Barrington Research Upgrades Ultratech On Increased Confidence
UPDATE: Bank Of America Upgrades Ultratech On Multiple Positive Factors

In a report published Friday, Canaccord Genuity analyst Josh Baribeau downgraded the rating on Ultratech (NASDAQ: UTEK) from Buy to Hold, and lowered the price target from $37.00 to $25.00.

In the report, Canaccord Genuity noted, “We are downgrading UTEK to HOLD from Buy as we are unable to confirm the capital intensity for the LSA system in nodes beyond 28nm. Ultratech indicated during its Q3 conference call that it believes that Q4 would represent a bottom in its business and expects 2014 to be up 20%. We are lowering our estimates, factoring in an additional degree of conservatism given our limited visibility into the ramping of the laser annealing business. We do not believe that the entire platform has been specified out of future commercial production given its success in prior nodes; however, given the prolonged downturn Ultratech is experiencing amid a slight rebound in overall spending, we are increasingly concerned about share losses, push-outs and/or that the cycle may be smaller than Street expectations.”

Ultratech closed on Thursday at $26.38.

Latest Ratings for UTEK

DateFirmActionFromTo
Sep 2014Imperial CapitalInitiates Coverage onOutperform
Sep 2014Barrington ResearchUpgradesMarket PerformOutperform
Jul 2014Bank of AmericaUpgradesNeutralBuy

View More Analyst Ratings for UTEK
View the Latest Analyst Ratings

Posted-In: Canaccord Genuity Josh BaribeauAnalyst Color Downgrades Analyst Ratings

 

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