Nanometrics upgraded to "buy" - update

06/29/05 - Adams Harkness

NEW YORK, June 29 (newratings.com) - Analyst Avinash Kant of Adams Harkness upgrades Nanometrics (NANO) from "market perform" to "buy." The 12-month target price is set to $15.

In a research note published yesterday, the analyst mentions that the company’s merger with August Technology has been cancelled, after Rudolph Technologies placed a higher bid for the latter company. Nanometrics is reviewing the option of increasing its bid for August Technology, the analyst says. According to Adams Harkness, the company would receive $8.3 million as breakup fees from August Technology.