Rodman & Renshaw Initiates Coverage of Mattson Technology with Market Outperform and PT of $3

Rodman & Renshaw initiated its coverage of Mattson Technology MTSN with a Market Outperform rating and a price target of $3. In a research report published today, Rodman & Renshaw states, "With a new set of products and customers, market share gains and a favorable capital-spending environment, Mattson is set to outperform the semi market over the next cycle.For full year 2011, we expect revenues of $184M (up 33%, Y/Y) and non-GAAP EPS of ($0.34), respectively. We expect the company to post non-GAAP profitability by 2H12.Our price target is a conservative 2.6x book value, a valuation that is in line with recent trough multiples." On Monday, Mattson added 2.98% to its value to finish the day at $1.73.