Susquehanna Maintains a 'Positive' Rating on Orbotech (ORBK), Adjusts Price Target
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Susquehanna maintains a 'Positive' rating on Orbotech, Ltd. (Nasdaq: ORBK). Price target $5.
Susquehanna analyst says, "Orbotech reported 3Q results following its pre-announcement. The company is seeing delays and weakness in the PCB segment. In addition, the company mentioned FPD delays that affect the level of 2009 business contemplated for this segment. This is the first time FPD delays are a factor, as the company sees 2-9 month delays affecting its 2009 run rate for this segment, which now includes Photon Dynamics. To address the worsening economy and lack of visibility, the company has discontinued the assembled PCB business (long deemed not strategic to the business), and implemented further cost-cutting initiatives, in addition to the synergies from PHTN."
Orbotech Ltd. is principally engaged in the design, development, manufacture, marketing and service of yield-enhancing and production solutions for specialized applications in the supply chain of the electronics industry.
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