What happened
Shares of semiconductor company Camtek Ltd. (CAMT 1.81%) fell as much as 17.9% on Tuesday, but ended the trading day down 16.1%. The stock's sell-off came after an analyst downgraded Camtek stock's rating.
So what
Needham & Company changed its rating for the stock from buy to hold this week, according to StreetInsider.com. The downgrade reflects the stock's 29% appreciation in the past three months, as well as Needham & Company's expectations for Camtek to see a deceleration in some of its large orders, as well see the normalization of its PCB (Printed Circuit Board) business.
Image source: Getty Images.
Now what
Camtek CEO Rafi Amit is optimistic about the company's potential. He commented on expectations for more growth in Amtek's first-quarter earnings release:
Looking ahead, our business environment remains very positive. The outlook for the second quarter is for continued growth with revenues between $33-34 million. All signs point to another year of strong performance for Camtek.
