Oppenheimer Initiates Coverage On Aixtron

Oppenheimer & Co. is out with a research report on Aixtron SE AIXG and is initiating coverage with a Perform rating and a $32 price target on shares. In a note to clients, Oppenheimer & Co. writes, "We are initiating on Aixtron with a Perform rating and $32 price target. Aixtron is the market share leader in MOCVD, though Veeco will climb up to a 50/50 spot by YE2011, we think. Market share honors aside, we think a digestion period for orders out of China is at hand in 2012. This convinces us that investors should remain on the sidelines until an all-clear signal can be switched on. Simply put, the current time frame is between the TV backlighting cycle and the general lighting cycle for LED adoption—that is, in a dimly lit "no-man's land." We'd wait on the sidelines." Shares of AIXG are up 91 cents to $24.46 in early Friday trade.