Bank of America, which raised its PT on shares of Novellus NVLS, is providing some color on the stock.
“We are trimming our CY11 and CY12 estimates in-line with our revised capex view,” Bank of America writes. “Our CY12 rev/EPS is now $1.63B/$4.25 from prior estimate of $1.78B/$4.99. But as the focus shifts to 2012 outlook, we move our valuation methodology to CY12 P/E. With semicap stocks trading at ~10x 2012E EPS, our new price objective for NVLS moves to $42 from prior estimate of $40.”
Novellus closed Friday at $35.97.
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