UPDATE: Stifel Downgrades Rudolph Technologies as High Level of Uncertainty and Risks Exist in 2H14
In a report published Tuesday, Stifel analyst Patrick Ho downgraded the rating on Rudolph Technologies (NYSE: RTEC) from Buy to Hold, and removed the $16.00 price target.
In the report, Stifel noted, “On Monday after the market close, Rudolph Technologies reported 1Q14 (March) earnings results that came in below our estimates. We suspected that there were significant risks to our forward estimates (see our note, Rudolph Technologies: 1Q14 Preview: Front-End Weakness Puts 2Q14 (and 2014) Estimates at Risk, April 24) and if anything, our concerns and the risks were only heightened after the call. In turn, we are downgrading our rating from Buy to Hold, and acknowledge that our prior positive bias on the name has not worked to expectations.”
Rudolph Technologies closed on Monday at $10.94.
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