Shares of semiconductor company Camtek Ltd. (NASDAQ:CAMT) 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.
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.
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.