In a report published Friday, Barrington Research analyst Ted Moreau Jr. downgraded the rating on Ultratech UTEK from Outperform to Market Perform, but removed the $30.00 price target.
In the report, Barrington Research noted, “Ultratech reported Q3 revenue of $33.8 million, below our $47 million estimate and the $46 million consensus estimate. The revenue miss was due to continued delays of the ramp of 16/14nm FInFET processes, which continues to have a significant impact on Ultratech's laser annealing business. Q3 EPS came in at ($0.23), well below our ($0.01) estimate and the FactSet consensus of $0.00. Notably, throughout the 16/14nm FinFET delays over the past year and a half, Ultratech has been diligent with its expense controls, maintaining operating expenses in the $20 million range.”
Ultratech closed on Thursday at $17.92.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in