Canaccord Genuity Downgrades Ultratech, Inc. to Hold (UTEK)
“Ultratech, Inc.” (NASDAQ:UTEK) was downgraded by analysts at Canaccord Genuity from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday, TheFlyOnTheWall.com reports. They currently have a $25.00 price objective on the stock, down from their previous price objective of $37.00. Canaccord Genuity’s target price would indicate a potential downside of 5.23% from the stock’s previous close.
The analysts wrote, “We are downgrading UTEK to HOLD from Buy as we are unable to confirm the capital intensity for the LSA system in nodes beyond 28nm. Ultratech indicated during its Q3 conference call that it believes that Q4 would represent a bottom in its business and expects 2014 to be up 20%. We are lowering our estimates, factoring in an additional degree of conservatism given our limited visibility into the ramping of the laser annealing business. We do not believe that the entire platform has been specified out of future commercial production given its success in prior nodes; however, given the prolonged downturn Ultratech is experiencing amid a slight rebound in overall spending, we are increasingly concerned about share losses, push-outs and/or that the cycle may be smaller than Street expectations.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Thomson Reuters/Verus upgraded shares of “Ultratech, Inc.” from a “sell” rating to a “hold” rating in a research note to investors on Monday, October 7th. Separately, analysts at TheStreet downgraded shares of “Ultratech, Inc.” from a “buy” rating to a “hold” rating in a research note to investors on Tuesday, August 13th. Finally, analysts at Zacks downgraded shares of “Ultratech, Inc.” from a “neutral” rating to an “underperform” rating in a research note to investors on Tuesday, July 23rd. They now have a $28.10 price target on the stock. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $33.78.
Shares of “Ultratech, Inc.” (NASDAQ:UTEK) traded down 3.53% during mid-day trading on Friday, hitting $25.45. The stock had a trading volume of 1,170,791 shares. “Ultratech, Inc.” has a 52 week low of $24.00 and a 52 week high of $43.00. The stock has a 50-day moving average of $29.68 and a 200-day moving average of $32.33. The company has a market cap of $706.8 million and a P/E ratio of 18.53.
“Ultratech, Inc.” (NASDAQ:UTEK) last issued its quarterly earnings data on Thursday, October 17th. The company reported ($0.28) EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.04 by $0.32. The company had revenue of $29.70 million for the quarter, compared to the consensus estimate of $42.80 million. During the same quarter in the prior year, the company posted $0.45 earnings per share. The company’s quarterly revenue was down 50.9% on a year-over-year basis. Analysts expect that “Ultratech, Inc.” will post $0.61 EPS for the current fiscal year.
Ultratech, Inc, develops, manufactures and markets photolithography, laser thermal processing, and inspection equipment.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.