Novellus (NASDAQ:NVLS) Soaring on Better Comparable Multiples, Industry Fundamentals

Citing an impressive presentation at the Needham Growth Conference, Novellus (NASDAQ:NVLS) is being looked at in a more positive light than before.

Needham says, "Following the company’s presentation at the Needham Growth Conference, we came away incrementally more positive on NVLS. In conjunction with our conference recap note published today, we are updating our revenue and EPS estimates, and we raise our price target reflecting better industry fundamentals and expanding comparable multiples. Management remains optimistic on the long-term growth drivers for the industry and we believe the company is well positioned to leverage some of these drivers."

Needham & Company maintains a "Buy" rating on Novellus, which was trading at $36.34, gaining $3.53, or 10.76 percent, as of 1:19 PM EST. Needham boosted their price target on Novellus from $35 to $40.