The difficult wait at Ultratech (UTEK)
goes on, as investors are growing restless with the lack of much-needed
laser spike annealing orders. While I still believe that Ultratech has
very competitive technology in this market and that LSA is going to be
vital to sub-20nm chip production, that belief is being tested in the
face of poor ordering results. In the meantime, growth in the advanced
packaging, metrology, and ALD is nice to see, but not enough to drive
the stock.
Recreating the company's past market share in LSA in
this next generation of chips would still make this a stock very much
worth owning. I would also point out that the company has nearly $10 a
share in cash on the balance sheet on a fully-diluted basis. It must be
said, though, that Ultratech is getting very close to that "put up or
shut up" point where talking about technology and revenue potential
feels pointless in the face of relative performance data from Applied Materials (AMAT), Dainippon Screen (OTC:DINRY), and perhaps Mattson (MTSN).
Read more here:
Waiting For Ultratech, Or Waiting For Godot?
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