Nanometrics downgraded to "hold"
08/01/05 - WR Hambrecht & Co
NEW YORK, August 1 (newratings.com) - Analyst Ray Kukreja of WR Hambrecht downgrades Nanometrics (NANO) from "buy" to "hold," while reducing his estimates for the company. The target price has been reduced from $18 to $13.
In a research note published on July 29, the analyst mentions that the company has reported its 2Q pro forma EPS short of the estimates. Nanometrics received $8.3 million in break-up fee from August Technology, which boosted its cash balance for the quarter, the analyst says. The company has projected a 15%-20% sequential decline in the September quarter revenues due to sluggish shipment of high-margin stand-alone tools. There is limited near-term upside to Nanometrics’ share price due to the lack of a significant catalyst and tough conditions over the next couple of quarters, WR Hambrecht adds. The EPS estimates for 2005 and 2006 have been reduced from $0.25 to -$0.01 and from $0.73 to $0.67, respectively.
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