New York, August 18 (FinanceEnquiry.com) – Analyst Vishal Shah at Deutsche Bank Securities initiates his HOLD rating on the shares of Cymer Inc (NASDAQ: CYMI). The 12-month target price is set to $58.
In a research note published on August 17, the analyst mentions that as significant EUV adoption is believed unlikely prior to the time frame of 2016, limited potential has been seen despite the positives. In addition to this, as roughly 60-65 percent of the revenue comes from the segment of IBP having a recurring revenue stream, Cymer also has a comparatively defensive revenue profile.
Furthermore, at full duty cycle, the company has only proven its source of light at 30W. In response to meeting, EUV challenges as compared to front-end semicap Research & Development growth of 25 percent, R&D has been expected to increase by 40 percent exiting 2013.
Better than anticipated acceptance of EUV sources and increases in lithography spending as a percent of WFE spending have been considered as upside risks while, slower migration to new nodes, slower adoption of EUV lower than expected utilization rates of light sources by chipmakers have been considered as downside risks.
Furthermore, estimated P/E analysis for the years 2012 and 2013 have been 53 x and 35.9 x, respectively, while actual P/E analysis for 2011 stood at 17.8 x, the analyst adds further.
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