DA Davidson Reiterates Buy, $35 PT on Ultratech

DA Davidson maintains its Buy rating and $35 price target on Ultratech UTEK as it expects the company to upgrade its Q2 guidance to reflect improvements in end markets. DA Davidson says, "Recall that on last quarter's earnings conference call, UTEK revised its 2012 revenue guidance to flat-to-down 10% (previously down 15%-20%) based on increased order activity and improving visibility. Current consensus expectations call for revenues to decline ~3% year-over-year, however, improving industry conditions over the past few weeks combined with an expected increase in capital spending from TSMC (TSM - $15.10), a 12% customer, could translate into an upward revision to its current full year outlook." UTEK closed at $28.98 a share yesterday.