Needham & Company maintained a Buy rating on Mattson Technology (NASDAQ: MTSN), and cut the price target to $4.00 (from $5.00), following 2Q15 results. MTSN reported revenue/NG EPS of $43.3MM/ $0.03 beat the Street's $42.2MM/$0.02. Management's 3Q guidance for Rev/EPS of ~$37MM/$0.00 are well below the Street's $47.8MM/$0.04 estimates.

Analyst Edwin Mok commented, "MTSN's 2Q15 results beat the Street's estimates. While we were expecting 3Q15 guidance to be below the aggressive consensus estimates, the sequentially lower outlook is disappointing. Despite the falling business trends, we believe MTSN is on-track to grow top-line in a flattish 2015 WFE, but the very high customer concentration is resulting in the big swings in quarterly revenues. We believe MTSN has started to make progress diversifying its customer concentration by converting more customers to its etch, RTP and MSA products, which should drive a more sustainable recovery exiting this year. While we expect the stock to remain limited in the near-term, we expect signs of recovery to emerge in 2H15 and drive a rebound in share price. Maintain our Buy but lower our PT to $4.00 (from $5.00)"

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Shares of Mattson Technology closed at $2.86 yesterday.