Numerical Technologies Climbs on Buy, Strong Buy Calls
Shares of Numerical Technologies’ (NMTC) stock soared 11.2% to 49 49/64 Thursday after coverage of the semiconductor manufacturer was initated by SG Cowen, CS First Boston, and Chase Hambrecht & Quist.
Chase H&Q and CS First Boston placed strong buys on Numerical as SG Cowen put a buy on the shares. Numerical, a San Jose, Calif.-based designer of proprietary technologies and software products that enable the design and manufacture of small integrated circuits, on April 20 reported financial results for the quarter ended March 31, 2000, the first public reporting period for the company since its IPO on April 7, 2000.
Numerical said it earned $3.5 million in its fiscal first quarter, up 83% over the same period last year and up 84% from the previous quarter.
SG Cowen said its buy rating was based on forecasted explosive growth in subwavelength semiconductors, as well as strong licensee deals and partnerships with major suppliers including Dupont, Applied Materials, and Zygo.
“Numerical technology is building a very important franchise in the semiconductor industry,” said SG Cowen analyst Raj Seth, who said that for customers that want to create very small semiconductor designs, there is no alternative.