UBS Maintains a 'Neutral' on Rubicon Technology (RBCN); Update on Competitor Sapphire Technology
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Price: $6.25 --0%
Rating Summary:
1 Buy, 4 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 5 | New: 3
Rating Summary:
1 Buy, 4 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 5 | New: 3
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UBS maintains a 'Neutral' on Rubicon Technology (NASDAQ: RBCN) price target lowered $1 to $10.00.
UBS analyst says, "We reviewed the historical financials of Rubicon’s pure play sapphire competitor based in Korea called Sapphire Technology (STC) and found STC’s reported operating margin in 1H11 was 69% and in 2010 was 60% versus Rubicon at 54% in 1H11 and 37% in 2010. We believe this is due to Rubicon’s higher 6-inch wafer sales (28% of sales in 1H11) which have lower margins. Sapphire Technology also reported it has sapphire production capacity of 12M two-inch equivalents while we estimate Rubicon has about 10M two-inch equivalents of capacity."
"No EPS change for now; competition from Sapphire Technology is not new...Our FY12 & FY13 EPS estimates for Rubicon are still $0.50 & $1.10."
For an analyst ratings summary and ratings history on Rubicon Technology click here. For more ratings news on Rubicon Technology click here.
Shares of Rubicon Technology closed at $9.05 yesterday.
UBS analyst says, "We reviewed the historical financials of Rubicon’s pure play sapphire competitor based in Korea called Sapphire Technology (STC) and found STC’s reported operating margin in 1H11 was 69% and in 2010 was 60% versus Rubicon at 54% in 1H11 and 37% in 2010. We believe this is due to Rubicon’s higher 6-inch wafer sales (28% of sales in 1H11) which have lower margins. Sapphire Technology also reported it has sapphire production capacity of 12M two-inch equivalents while we estimate Rubicon has about 10M two-inch equivalents of capacity."
"No EPS change for now; competition from Sapphire Technology is not new...Our FY12 & FY13 EPS estimates for Rubicon are still $0.50 & $1.10."
For an analyst ratings summary and ratings history on Rubicon Technology click here. For more ratings news on Rubicon Technology click here.
Shares of Rubicon Technology closed at $9.05 yesterday.
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