Ultratech (UTEK) Posts Best Qtr in Recent Memory, PT Raised - Canaccord Genuity

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Canaccord Genuity raised its price target on Buy-rated Ultratech (NASDAQ: UTEK) from $38 to $47 following Q4 results on Thursday calling it the best quarter in recent memory.

The firm comments, "We reiterate our BUY rating on UTEK shares as we continue to believe that the company will outperform the broader semiconductor market through exposure to advanced technology, new products and an expanding TAM. We also believe that there is room for continued earnings upside with a certain degree of conservatism baked into guidance/estimates."

For an analyst ratings summary and ratings history on Ultratech click here. For more ratings news on Ultratech click here.

Shares of Ultratech closed at $40.74 yesterday, with a 52 week range of $25.07-$42.34.

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