Newbridge Securities Corporation Initiates Coverage of the Semiconductor Equipment Sector, Including AEIS, AMAT, BRKS, MKSI and
November 04 2009 - 8:00AM
PR Newswire (US)
FT. LAUDERDALE, Fla., Nov. 4 /PRNewswire/ -- Newbridge Securities
Corporation announces the initiation of coverage of the
Semiconductor Equipment and Materials Sector. The coverage launch
on October 29, 2009, authored by Tim Summers, Senior Vice
President, included a Semiconductor Equipment Industry overview and
coverage of five individual companies. The five companies now under
coverage are; Advanced Energy Industries Inc. (AEIS, Buy-rated, $15
price target), Applied Materials Inc. (AMAT, Buy-rated, $17 price
target), Brooks Automation Inc. (BRKS, Neutral-rated), MKS
Instruments, Inc. (MKSI, Buy-rated, $23 price target) and Ultra
Clean Holdings Inc. (UCTT, Buy-rated $10 price target). (Logo:
http://www.newscom.com/cgi-bin/prnh/20090309/FL80823LOGO ) Outlook
- Significant Improvement Exiting the Year, Expect Further Gains in
2010 According to Tim, "We believe the semiconductor equipment
industry has entered a cyclical recovery from its disastrous
2007-1Q09 downturn. The downturn saw annual semiconductor industry
revenue growth slow to low single digits in both 2007 and 2008 (vs.
a long-term average annual growth rate of 10%) and then drop an
estimated 18% this year. During this period, semiconductor capital
spending declined over 50% and was the worst industry downturn
since 2001-2002. While we are forecasting semiconductor industry
capital spending to decline about 40% in 2009 on an annual basis,
we believe industry orders hit bottom in 1Q09 and capital spending
is now rising, albeit from a very low base. Given the severity of
the downturn, we believe this particular cyclical recovery could be
quite strong, especially in the early stages." Gary Spivak,
Director of Equity Research, stated: "As the overall economy shows
some signs of strengthening, we believe that the Technology Sector
will be a leader in the recovery and that the semiconductor
equipment sector has historically been a strong performer during
times of recovery. Tim is an experienced analyst who has followed
this industry through numerous cycles. This sets him apart from
many of his competitors." About Newbridge Newbridge Securities
Corporation is a full-service securities broker-dealer and
investment bank with corporate offices in Florida and locations
throughout the United States. Since 2000, the Firm has served a
broad range of individual and corporate clients, with a focus on
providing quality products, services and advice. For more
information on Newbridge, please visit our public web-site at
http://www.newbridgesecurities.com/
http://www.newscom.com/cgi-bin/prnh/20090309/FL80823LOGODATASOURCE:
Newbridge Securities Corporation CONTACT: Gary Spivak, Director of
Equity Research, Newbridge Securities Corporation, +1-954-334-3450,
Web Site: http://www.newbridgesecurities.com/
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