Chip equipment makers see unusual volume (NVLS, KLAC, LRCX)

Posted in General 
July 6th, 2009

Novellus Systems Inc. (Nasdaq: NVLS) shares are nearly unchanged from Thursday’s closing price at $17.57, but have traded nearly 75% of their average daily volume in the first two hours of trading. The chip-equipment maker’s price target was raised to $19 from $9.50 by Credit Suisse this morning, based on expectations of strong end-demand. Novellus is expected to report earnings next week, on July 13.

Credit Suisse also raised price targets on equipment makers KLA-Tencor Corp. (Nasdaq: KLAC) to $30 from $18 and Lam Research Corp. (Nasdaq: LRXC) to $21 from $12.50.

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