Zacks Investment Research Upgrades TOKYO ELECTRON/ADR (OTCMKTS:TOELY) to “Buy”

TOKYO ELECTRON/ADR (OTCMKTS:TOELY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday, Zacks.com reports. The brokerage currently has a $68.00 target price on the stock. Zacks Investment Research‘s price target suggests a potential upside of 10.62% from the stock’s previous close.

According to Zacks, “Tokyo Electron Limited (TEL) is a company mainly engaged in the manufacture and sale of electronic products for industrial uses. TEL is the largest manufacturer of IC and FPD production equipment in Japan and the third largest in the world. The Semiconductor Manufacturing Equipment segment is engaged in the provision of coaters and developers for wafer processing, plasma etching equipment, thermal processing systems and others. The Flat-panel Display (FPD) Manufacturing Equipment segment is engaged in the provision of coaters and developers for FPD manufacturing, plasma etching/ashing apparatus and others. The Electronic Component and Information Communication Equipment segment provides semiconductor products such as integrated circuits (ICs), computer and network equipment and software. In addition, the Company is also involved in logistics, facility management and insurance businesses. “

Separately, Goldman Sachs Group started coverage on shares of TOKYO ELECTRON/ADR in a research report on Thursday, July 23rd. They issued a “buy” rating on the stock.

OTCMKTS TOELY traded up $0.55 during trading on Wednesday, reaching $61.47. 36,912 shares of the company’s stock traded hands, compared to its average volume of 59,619. The firm has a market cap of $38.66 billion, a price-to-earnings ratio of 22.85 and a beta of 1.14. The company’s 50 day simple moving average is $65.83 and its two-hundred day simple moving average is $57.09. TOKYO ELECTRON/ADR has a 12-month low of $36.42 and a 12-month high of $71.50.

TOKYO ELECTRON/ADR (OTCMKTS:TOELY) last posted its earnings results on Tuesday, July 28th. The company reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.25. The business had revenue of $2.93 billion for the quarter, compared to analysts’ expectations of $2.44 billion. As a group, analysts predict that TOKYO ELECTRON/ADR will post 3.14 earnings per share for the current year.

About TOKYO ELECTRON/ADR

Tokyo Electron Limited, together with its subsidiaries, develops, manufactures, distributes, and sells semiconductor and flat panel display (FPD) production equipment in Japan, North America, Europe, South Korea, Taiwan, China, and internationally. The company's Semiconductor Production Equipment segment offers coaters/developers, plasma etch systems, and single wafer deposition systems and cleaning systems used in wafer processing; wafer probers used in wafer testing process; and electrochemical deposition systems and wafer bonders/debonders used in packaging processes.

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