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Why is Amtech Systems Soaring Wednesday? (ASYS)

Shares of Amtech Systems (NASDAQ: ASYS) are soaring more than 17 percent after Stifel upgraded the stock.

In the report, Amtech was raised from “Hold” to “Buy” with an $8.25 price target. Stifel noted:

“We are upgrading shares of Amtech Systems from a Hold to a Buy rating with a target price of $8.25 on improved industry fundamentals given recent commentary by vendors and equipment suppliers, and supported by increased clarity following the settlement of trade wars. We believe the risk/reward profile for investors is attractive given solar PV orders for the company are already de minimus with low expectations and the likely upside from even one-off type orders over the next 12 months should serve as a catalyst for shares in our view. The risks of course include still significant existing capacity, an unclear funding environment, and more simply, risk in the timing should capacity spend not return at incrementally higher levels over the next year. The move toward higher efficiency panels should serve as a tailwind for diffusion furnace equipment in particular and potentially present an opportunity for Amtech’s new ion implant offering.”

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[stock-tools exchange="NASDAQ" symbol="ASYS" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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