Ultratech (UTEK) is Downgraded by DA Davidson to Neutral, Price Target at $24

Ultratech (UTEK) was Downgraded by DA Davidson to ” Neutral” and the brokerage firm has set the Price Target at $24. Earlier the firm had a rating of “Buy ” on the company shares. DA Davidson advised their investors in a research report released on Apr 22, 2016.

Many Wall Street Analysts have commented on Ultratech. Company shares were Reiterated by The Benchmark Company on Feb 10, 2016 to “Buy”, Firm has raised the Price Target to $ 25 from a previous price target of $23 .

On the company’s financial health, Ultratech reported $0.10 EPS for the quarter, beating the analyst consensus estimate by $ 0.18 according to the earnings call on Apr 21, 2016. Analyst had a consensus of $-0.08. The company had revenue of $45.20 million for the quarter, compared to analysts expectations of $39.10 million. The company’s revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.06 EPS.

Ultratech opened for trading at $22.41 and hit $22.97 on the upside on Wednesday, eventually ending the session at $22.18, with a gain of 4.92% or 1.04 points. The heightened volatility saw the trading volume jump to 7,32,246 shares. Company has a market cap of $588 M.

In a different news, on May 19, 2015, Bruce R Wright (Sr. VP-Fin, CFO & Secretary) sold 20,000 shares at $20.59 per share price.

Ultratech Inc. (Ultratech) develops manufactures and markets photolithography laser thermal processing and inspection equipment. The Company supplies step-and-repeat photolithography systems based on one-to-one (1X) imaging technology. It offers two different series of 1X lithography systems for use in the semiconductor fabrication process: the 1000 series which addresses the markets for high brightness light emitting diodes (HBLEDs) semiconductor fabrication and nanotechnology applications and the AP series which serves the advanced packaging market. The Company serves manufacturers of semiconductor devices including advanced packaging processes and various nanotechnology components such as thin film head magnetic recording devices (thin film heads) HBLEDs laser diodes and atomic layer deposition systems (ALD) for customers located throughout North America Europe Singapore Japan Taiwan Korea and the rest of Asia.


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