AmTech Adds Rubicon (RBCN) to Focus List; $32 PT

May 27, 2008 12:06 PM EDT

American Technology Research adds Rubicon Technology (Nasdaq: RBCN) to its Focus List. The firm reiterates its Buy rating and $32 price target, which represents potential upside of more than 40% from today's price near $22.

Taking a multi-year perspective, the firm believes investors should be using recent weakness in shares of Rubicon to begin or add to a position. AmTech cites several reasons for such conviction:

• high brightness LED adoption is still in its infancy
  
• incandescent lights are on the verge of being banned by legislatures
  
• the public is becoming more aware of green technologies and
  
• Rubicon has a superior technology advantage.

AmTech believes that the Street's "renewed and unsubstantiated concerns over competition/pricing are pressuring the stock, both of which are over-done and misplaced." The firm feels these negatives are already priced into shares of Rubicon.

Rubicon Technology, Inc. engages in developing, manufacturing, and selling monocrystalline sapphire and other innovative crystalline products for light-emitting diodes (LEDs), radio frequency integrated circuits (RFICs), blue laser diodes, optoelectronics, and other optical applications.

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