Seeking Alpha

Within the world of semiconductor equipment, Cascade Microtech (CSCD) is a tiny player, though it has respectable market share in what management has traditionally viewed as its core markets. New product launches and improving margins have done wonders for the stock (which is up almost 90% over the past 12 months), but I think there could still be more to come.

Cascade has not only been developing new products to broaden its addressable market, but has also been acquiring technologies and products that should help the company transition to the next major developments in chip design. Cascade does not have a great record when it comes to sustainable margins or cash flows, and it does operate in...

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