Taglich Brothers Give Update On ASYS

Taglich Brothers is maintaining its Buy rating and its $35.50 price target on Amtech Systems ASYS in light of 2Q11 results. In the report, Taglich Brothers writes, “ASYS reported 2Q11 EPS (May 10, 2011) of $0.77 on revenue of $61.3 million. Results were significantly better than 1Q10 and exceeded our EPS forecast of $0.47. In 2Q10, ASYS had EPS of $0.02 per share, on revenue of $16.1 million. We project FY11 EPS of $2.65 on revenue of $242 million, up from our prior forecast of $2.21 per share on revenue of $230 million. Our revenue growth forecast is based on 2Q11 results and total order backlog of $195 million as of March 31, 2011. Our revised EPS growth forecast reflects operating margin expansion to 17.9% from 13.3% in 2010 as volume throughput increase operating efficiencies.” ASYS closed yesterday at $21.31.