Needham & Company Downgrades Nova Measuring Instruments (NVMI) to Buy; More Cautious Industry Outlook

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Needham & Company downgraded Nova Measuring Instruments (NASDAQ: NVMI) from Strong Buy to Buy with a price target of $12.00.

Analyst, Y. Edwin Mok, said, "We continue to believe NVMI will outperform the sector, driven by increased adoption of OCD technology within the fab, Nova’s high exposure to the foundry segment and the successful launch of a packaging metrology product. However, based on our industry view that capital spending will decline in 2H12 and only modestly recover in 1H13, we see less upside to our NVMI estimates."

For an analyst ratings summary and ratings history on Nova Measuring Instruments click here. For more ratings news on Nova Measuring Instruments click here.

Shares of Nova Measuring Instruments closed at $8.02 yesterday, with a 52 week range of $5.11-$11.44.

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