Needham & Company Reiterates a 'Buy' on Novellus (NVLS); Going Out In Style

Needham & Company reiterates a 'Buy' on Novellus (NASDAQ: NVLS) price target raised from $51.75 to $56.25.

Analyst, Y. Edwin Mok, said, "Novellus’s 4Q11 results were largely in-line, and the company provided sequentially higher guidance, as expected. CEO Rick Hill’s industry outlook for the year remains robust and above most projections and Street’s estimates are likely to move higher on the positive outlook. Based on our belief that LRCX will outperform the industry in 2012 and our positive view on the merger, we continue to recommend investors buy NVLS as a way to invest in Lam Research (Nasdaq: LRCX)."

"We increase our 2012 non-GAAP EPS estimate to $3.08 and 2013 to $3.40."

For an analyst ratings summary and ratings history on Novellus click here. For more ratings news on Novellus click here.

Shares of Novellus closed at $49.34 yesterday.

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