Barrington Research Upgrades Rudolph Technologies As Front End Picks Up Steam

In a report published Tuesday, Barrington Research analyst Ted Moreau Jr. upgraded the rating on Rudolph Technologies Inc (NYSE: RTEC) from Market Perform to Outperform, and named a $12.50 price target.

In the report, Barrington Research noted, “Ahead of Q4/14 earnings report on Monday, February 2, and subsequent analyst day on Wednesday, February 4, we are upgrading Rudolph Technologies to OUTPERFORM and establishing a $12.50 price target. When we updated our thoughts on our two semiconductor capital equipment stocks two weeks ago, we expressed continued concern about lingering softness for their back-end business. Since then, TSMC raised their 2015 capex budget by nearly $2 billion and we have grown more confident of Samsung's 14nm position in 2015. As such, we believe 2015 will be a good year for Rudolph's front-end business and so are raising our 2015 estimates.”

Rudolph Technologies closed on Friday at $9.95.