In a report published Monday, Jefferies reiterated its Buy rating on Kulicke and Soffa Industries KLIC, and raised its price target from $15.00 to $18.00.
Jefferies noted, “We believe that a cyclical trough is often a good buying opportunity. This time out, K&S' cost containment programme ($95m sales as breakeven), debt-free balance sheet (net cash $440m) and ongoing copper migration (30%+ of installed base) help to support profitability even in this tight DecQ. We continue to believe in cyclical FY13 recovery and thus reiterate our Buy recommendation but raise our PT to $18.”
Kulicke and Soffa Industries closed on Friday at $12.59.
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