Credit where due, Ultratech (NASDAQ:UTEK) has finally been rewarding some investor patience. Almost anybody who bought in the last two years is in the black now and three-year holders should start feeling a little more encouraged. Orders are following the upward trend across the industry and there is at least a plausible chance that Ultratech can recapture some of the momentum it lost in sub-28nm nodes as the industry starts moving to 10nm, 7nm and 5nm.
It's also worth noting that despite management's objections, there has been a change in the board of directors. Hopefully this will be a change for the better, but this remains a brutally cyclical business and extremely competitive. At this point, Ultratech doesn't seem undervalued, but owning a fairly-valued highly cyclical company enjoying a cyclical recovery in business isn't the worst thing in the world, as outperform could push estimates, sentiment, and multiples higher in the coming quarters.
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Ultratech Grinding Out Progress