Citi Views Tuesday's Pullback in Equipment Stocks as an Enhanced buying Opportunity

“We would generally view Tuesday's pullback in equipment stocks as an enhanced buying opportunity as it appears NVLS' tone last night was as negative as anything we will see moving through earnings season,” Citi wrote in a report focusing on Novellus Systems, Inc. NVLS this morning. “From our perspective, not much has really changed on the downside in recent weeks – foundry remains soft as orders always follow utilization and this appears to be bottoming in CQ3.” Novellus Systems closed Tuesday at $31.75.