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Needham offers a cautiously optimistic take on the chip equipment industry. While granting...

Needham offers a cautiously optimistic take on the chip equipment industry. While granting warnings from AMAT and MTSN indicate another industry downturn is beginning, the firm is encouraged by more positive comments from KLAC, UTEK, and NVMI, and thinks AMAT's 2H view about demand from chip foundries is "overly cautious." Most chip equipment names now trade at single-digit multiples of their 2011 and expected 2013 EPS. (SIA data)
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