8:32AM NVLS upgraded at Needham 31.71: Needham upgrades Novellus to Buy from Hold; firm notes that the stock has significantly underperformed comparable large-cap equipment shares over the past year due to mkt share erosion or stagnation in all product segments, yet they believe this has been largely discounted in the stock, and think that improvements in the PVD tool (which has been slow to penetrate the mkt) may result in promising penetration of the copper barrier/seed deposition mkt. Target is $38.
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