Needham & Company Reiterates a 'Buy' on Novellus (NVLS); More Confident that Order Push-Out Is a Short-Term Pause
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Price: $2.40 --0%
Rating Summary:
1 Buy, 4 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
1 Buy, 4 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company reiterates a 'Buy' on Novellus (NASDAQ: NVLS), PT $41.
Needham analyst says, "On its mid-quarter update call, NVLS maintained shipment/revenue guidance but lowered bookings to the lower end of guidance. However, NVLS raises EPS guidance, demonstrating the financial leverage gained from the recent convert offering and stock buyback. Management stated the order pushout from 2Q to 3Q remains just a one-quarter delay, supporting our view that the recent industry slowdown will prove to be a short-term pause rather than a cycle peak."
"Based on the lower share count offsetting higher interest and tax rates, we raise our 2011/2012 EPS estimates to $3.66/$4.08. (from $3.48/$3.68)
For more ratings news on Novellus click here and for the rating history of Novellus click here.
Shares of Novellus closed at $36.27 yesterday.
Needham analyst says, "On its mid-quarter update call, NVLS maintained shipment/revenue guidance but lowered bookings to the lower end of guidance. However, NVLS raises EPS guidance, demonstrating the financial leverage gained from the recent convert offering and stock buyback. Management stated the order pushout from 2Q to 3Q remains just a one-quarter delay, supporting our view that the recent industry slowdown will prove to be a short-term pause rather than a cycle peak."
"Based on the lower share count offsetting higher interest and tax rates, we raise our 2011/2012 EPS estimates to $3.66/$4.08. (from $3.48/$3.68)
For more ratings news on Novellus click here and for the rating history of Novellus click here.
Shares of Novellus closed at $36.27 yesterday.
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