Sterne Agee reiterated its Sell rating on Rubicon Technology RBCN. In a research report published today, Sterne Agee stressed its belief that the company's fundamentals will deteriorate in the near future.
In the report, Sterne Agee states, "We do not believe the higher tax rate should
be viewed as a reason to sell the stock. Instead, we think
investors should sell the stock in anticipation that over the next
12 months, fundamentals are going to get worse, not better. We
maintain our view that sapphire pricing is already starting to
come under pressure, even without new capacity coming on line
from GT Solar's (SOLR, $13.12, NR) customers."
At the moment, Sterne Agee has a price target of $14 placed on the company's stock. On Wednesday, Rubicon Technology lost 5.4% of its value to close the day at $18.80. Its shares regained some of their yesterday's losses in today's pre-market trading, however, rising 2.66% to $19.30.
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Posted In: Analyst ColorAnalyst RatingsInformation TechnologyRubicon TechnologySemiconductor EquipmentSterne Agee
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