UPDATE - Canaccord Genuity Initiates Coverage on Ultratech (UTEK) with a Buy; Well Positioned

May 8, 2012 9:07 AM EDT
Get Alerts UTEK Hot Sheet
Price: $25.23 +1.16%

Rating Summary:
    5 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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UPDATE - Canaccord Genuity initiates coverage on Ultratech (Nasdaq: UTEK) with a Buy rating. PT $38.

Analyst, Jonathan Dorsheimer, said, "Ultratech’s solutions enable next-generation semiconductor processes and reduce costs through better yields. Despite an overall maturing semiconductor capital equipment market, we believe this is a key area of investment at the beginning of a multi-year capital cycle. "

"Ultratech’s sales are still heavily dependent on the silicon semiconductor industry; however, a growing LED business should layer additional growth and thus EPS acceleration...Throughout the current upcycle, Ultratech has exhibited a strong degree of GM expansion, operating leverage, cash flows that mirror increases in income, steady or improving working capital and good free cash flow."

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