UPDATE: Barrington Research Upgrades Ultratech On Increased Confidence

In a report published Tuesday, Barrington Research analyst Ted Moreau Jr. upgraded the rating on Ultratech (NASDAQ: UTEK) from Market Perform to Outperform, and named a $30.00 price target.

In the report, Barrington Research noted, “Our checks are giving us increased confidence in Ultratech's annealing position at the 14nm node at a key customer. We had previously been concerned about the status of Ultratech's competitive position versus competing flash annealing products, which had kept us cautious, but our checks indicate Ultratech is very well positioned at a major fab for 14nm production whose timeline has been expected to ramp in Q4. As such, we have greater conviction in Ultratech's implied Q4 guidance, which during the Q2 earnings call indicated they expect Q4 revenue in the range of $65-80 million.”

Ultratech closed on Friday at $25.86.