Ultratech Rating Increased to Buy at Bank of America (UTEK)
Ultratech (NASDAQ:UTEK) was upgraded by Bank of America from a “neutral” rating to a “buy” rating in a research note issued on Monday. The firm currently has a $31.00 target price on the stock. Bank of America’s price objective points to a potential upside of 34.84% from the stock’s previous close. The analysts noted that the move was a valuation call.
A number of other firms have also recently commented on UTEK. Analysts at Noble Financial upgraded shares of Ultratech from a “hold” rating to a “buy” rating in a research note on Monday, June 30th. They noted that the move was a valuation call. Separately, analysts at B. Riley reiterated a “neutral” rating on shares of Ultratech in a research note on Friday, June 20th. They now have a $25.00 price target on the stock. Finally, analysts at Barrington Research initiated coverage on shares of Ultratech in a research note on Friday, June 13th. They set a “market perform” rating on the stock. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $27.90.
Shares of Ultratech (NASDAQ:UTEK) opened at 22.99 on Monday. Ultratech has a 52 week low of $20.28 and a 52 week high of $38.92. The stock has a 50-day moving average of $24.2 and a 200-day moving average of $26.00. The company’s market cap is $644.8 million.
Ultratech (NASDAQ:UTEK) last released its earnings data on Thursday, April 24th. The company reported ($0.25) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.23) by $0.02. The company had revenue of $31.60 million for the quarter, compared to the consensus estimate of $33.05 million. During the same quarter last year, the company posted $0.48 earnings per share. Ultratech’s revenue was down 47.9% compared to the same quarter last year. On average, analysts predict that Ultratech will post $0.20 earnings per share for the current fiscal year.
Ultratech, Inc (NASDAQ:UTEK) develops, manufactures and markets photolithography, laser thermal processing, and inspection equipment.
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