Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

Semiconductor Spending Looms Large For FEI

A lot of the "yeah, but's" that I mentioned in my last piece on electron microscopy company FEI Company (NASDAQ:FEIC) have come to pass. Spending on semiconductor equipment has disappointed as major fabs like TSMC (NYSE:TSM), Intel (NASDAQ:INTC), and Samsung (OTC:SSNLF) revise their plans, oil/gas demand has dried up, life science demand has been consistently inconsistent, and the company lowered its long-term revenue growth guidance during its midyear analyst day. None of these really surprised me, particularly the guidance revision, so the impact to my valuation wasn't too extreme. There's still ongoing risk to the quarterly results given the uncertainty in semiconductor industry spending, but the valuation is pretty interesting for a ...
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