J.P. Morgan released a report on Rubicon Technology RBCN earlier today. In the report, J.P. Morgan was very optimistic for the future of Rubicon, citing a healthy balance sheet and general sector growth.
J.P. Morgan comments, “Rubicon reported rev/EPS of $38mn/$0.80 versus our estimates of $35mn/$0.64. Better than expected results were driven by higher than expected pricing and a greater mix of high GM sapphire cores. All other aspects of the results were in-line with our expectations. Growth in 6” LED wafer sales will buffer price declines in smaller diameter, more commodity-like LED wafers. Our December 2011 price target of $36 for Rubicon is based on 11.5x our new C11E EPS of $3.14 versus our Alternative Energy group average of 13.5 times.”
J.P. Morgan currently maintains an Overweight rating on Rubicon and a price target of $36.00. Rubicon was up $0.12 yesterday to close at $27.70.
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