UPDATE: Rudolph Technologies (RTEC) PT Lowered to $30 at Stifel

Stifel analyst Patrick Ho lowered the price target on Rudolph Technologies (NYSE: RTEC) to $30.00 (from $35.00) while maintaining a Buy rating following the company's preannouncement that the company is now forecasting revenues to be in the range of $59 to $61 million versus its previous outlook of $65 million. RTEC's pro-forma EPS outlook has been revised lower to $0.22 to $0.25, down from $0.30 to $0.40.

Ho believes the front-end softness is not a complete surprise but disappointing nonetheless. He suspects that the leading foundry cut came from Global Foundries as the company recently announced its decision to end next generation 7nm development and focus more on its current technology nodes. Ho believes this likely had an impact on next generation metrology equipment from Rudolph.

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