UPDATE: Bank of America Raises PO on Ultratech to $28

Bank of America has published a research report on Ultratech (NASDAQ: UTEK) and has raised the price objective from $24 to $28 believing the outlook for the company is improved for 2012.In the report, Bank of America writes, "As we enter CY12, we believe the outlook for UTEK has improved and estimate 1Q12 as the trough quarter (rev/EPS) for the company. We expect UTEK to report strong 4Q11 results; but given the macro backdrop and limited visibility, we believe the management will remain conservative and maintain their CY12 guidance (revenues down 15-20% Y/Y, EPS ~$1.00). We maintain our CY12 EPS estimate of $1.00 but are raising our price objective for UTEK from $24 to $28 since peer multiple have increased from 12x CY12E EPS a few months ago to about 19x. We reiterate UTEK as our top small cap pick for 2012."Bank of America maintains its Buy rating on Ultratech, which is currently trading up $0.13 from yesterday's $25.78 closing price.