UPDATE: Bank of America Lower Price Target for Cymer to $55

Bank of America has published a report on Cymer CYMI lowering the price objective to $55. In the report, Bank of America wrote, "We now expect the C2H11 units shipped to be lower relative to C1H11, slightly offset by the growing service (IBP or Installed Base Products) revenues. The elevated level of R&D investment in EUV (Extreme ultraviolet) is expected to continue into C1H12, sapping the earnings power. But as the EUV related issues get resolved (around C2H12); the R&D should drop enhancing the earnings potential." Bank of America rated Cymer a Buy with a price target of $55.00. Cymer closed Friday at $45.14.