Needham & Company Reiterates a 'Buy' on Novellus (NVLS); 4Q11 Bookings to Rebound as Customers Resume Investments

Needham & Company reiterates a 'Buy' on Novellus (NASDAQ: NVLS) price target raised from $32 to $37.

Needham analyst says, "NVLS reported largely inline 3Q11 results, but provided sequentially higher bookings outlook. Commentary gave further evidence that the cycle has bottomed with leading customers coming back with new orders, and we believe business could see a sizeable rebound at least in 1H12. As the cycle turns, we continue to favor NVLS over other mid/large-cap semicap names given the better leverage in its financial model, driving earnings upside."

For more ratings news on Novellus click here and for the rating history of Novellus click here.

Shares of Novellus closed at $32.55 yesterday.

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