Bank of America Merrill Lynch Maintains Buy on Ultratech (UTEK)

Bank of America Merrill Lynch is out with its report today on Ultratech UTEK, maintaining Buy. In a note to clients, Bank of America Merrill Lynch writes, "Ultratech benefits from adoption of flipchip semiconductor packaging and the need for ultra shallow junction formation for advanced ICs with its high flipchip lithography system marketshare and laser thermal anneal technology. The former is already a very profitable business. The key to longterm growth is adoption of the laser system. We are optimistic that sales of laser anneal should begin to accelerate at the 3x/2xnm driven by foundries. This could lead to acceleration of earnings growth." Shares of UTEK closed Tuesday at $32.75, up 4.73% from Monday's close.