Notable Calls
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Wednesday, April 09, 2008
Novellus Systems (NASDAQ:NVLS): Upgraded to Buy at Amtech
AmTech: Novellus Systems (NASDAQ:NVLS): upgrade to Buy. We think much of yesterday's neg pre-ann was based on 1-time events including CMP rev recognition change, inventory write-down, & higher tax rate. Based on checks we think a restructuring of NVLS's biz is currently underway and CMP and dry strip will be discontinued (unprofitable), along w/layoffs. This will improve NVLS's profitability & make it more attractive as a take-over candidate. Stock is currently trading near trough valn levels at 1.6x book. PT $27.50.
Notablecalls: I like this call as the timing is just perfect. The stock got killed yesterday following the pre-announcement & looks to be ready for a bounce.
Notablecalls: I like this call as the timing is just perfect. The stock got killed yesterday following the pre-announcement & looks to be ready for a bounce.
posted by notablecalls # 9:12 AM 
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Chip equips are in the dumps. The one I really like is KLIC. They have their next generation wire bonders coming out in June, the product cycle time is perfect, coming out of recession. KLIC should do well strictly on customer replacements, and capacity buys will be gravy. It's worth buying on a pullback.
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