Piper Jaffray Raises PT on Nanometrics to $23 (NANO)

Piper Jaffray is out with its report today on Nanometrics (NASDAQ: NANO), increasing its PT from $22 to $23.

In a note to clients, Piper Jaffray writes, "NANO missed our top line estimate of $50M by $3.9M due to a slip in shipments into Q1. NANO was unwilling to give customers price concessions to ship in Q4. This is a repeat of Q4:09. As a result, we are significantly raising our estimate for Q1 from $50M to $59M. Maintain Overweight rating and raise our price target to $23.00 from $22.00 as we move forward to 2012. Our $23 price target is based on 12x our new CY12E EPS of $1.90. Our multiple remains unchanged."

At the time of posting, shares of NANO were trading pre-market at $18.19, down 1.36% from Thursday's close.