UPDATE: Barrington Research Downgrades Ultratech to Market Perform, Removes PT as FinFET Delays Continue

In a report published Friday, Barrington Research analyst Ted Moreau Jr. downgraded the rating on Ultratech UTEK from Outperform to Market Perform, but removed the $30.00 price target. In the report, Barrington Research noted, “Ultratech reported Q3 revenue of $33.8 million, below our $47 million estimate and the $46 million consensus estimate. The revenue miss was due to continued delays of the ramp of 16/14nm FInFET processes, which continues to have a significant impact on Ultratech's laser annealing business. Q3 EPS came in at ($0.23), well below our ($0.01) estimate and the FactSet consensus of $0.00. Notably, throughout the 16/14nm FinFET delays over the past year and a half, Ultratech has been diligent with its expense controls, maintaining operating expenses in the $20 million range.” Ultratech closed on Thursday at $17.92.