Bank of America Merrill Lynch Reiterates Buy on Ultratech

Bank of America Merrill Lynch is out with its report today on Ultratech UTEK, reiterating Buy. In a note to clients, Bank of America Merrill Lynch writes, "Based on UTEK's strong growth potential, we apply a premium to semicap peers (trading at 10x CY12 EPS) and use a 15x multiple on UTEK's 2012 EPS estimate of $2.15, adding back net cash of roughly $7/share to arrive at our $40 PO." Shares of UTEK closed Wednesday at $24.89.