J.P. Morgan Meets With Rubicon Technology''s Management (RBCN)

J.P. Morgan met with Rubicon Technology's RBCN CEO, Raja Parvez, and CFO, Bill Weissman, for investor meetings in Europe this past week to discuss LED wafer pricing and demand for 2011. In a note to clients, J.P. Morgan writes, "Management feels confident about wafer pricing In 2011 given strong demand trends across a number of applications. Although the company did have some customers reduce wafer demand in C3Q10 due to the oversupply related to LCD backlighting, Rubicon was easily able to reallocate product to other customers focused on other applications and continues to put customers on allocation in C4Q10." J.P. Morgan maintains its Overweight rating and $36 price target on RBCN. RBCN closed yesterday at $23.58.