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UPDATE: Needham & Company Upgrades Mattson Technology (MTSN) to Buy

May 28, 2013 6:53 AM EDT Send to a Friend
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Price: $2.17 +3.33%

Rating Summary:
    5 Buy, 1 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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(Updated - May 28, 2013 9:08 AM EDT)

Needham & Company upgraded Mattson Technology (NASDAQ: MTSN) from Hold to Buy with a price target of $3.00 citing strength in memory orders.

Analyst Y. Edwin Mok comments, "We are upgrading MTSN to Buy from Hold and setting a Price Target of $3, which is based on CY2014E EV/S of 1.2X. We believe memory orders, particularly from Samsung, will continue to strengthen in 2Q13 and into 2H13, driving higher sales for Mattson. Additionally, we believe the initial ramp of RTP products at multiple foundries will drive upside to revenue as foundry customers start 20nm investments. With a new executive management team in place, we believe MTSN is more focused on growth. Coupled with aggressive cost reduction, profitability should return in 4Q13 and beyond. While the stock has run up recently, we see additional upside as new wins translate to a positive revenue trajectory and profitability becomes visible on the P&L. Therefore, we recommend investors buy MTSN at this time."

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

Shares of Mattson Technology closed at $1.92 yesterday.




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