Canaccord Adams has downgraded Rubicon Technology (RBCN) from Speculative Buy to Hold but increased the price target to $11 following earnings

Hat tip to StreetInsider.com for  the following analyst comments:

“While we continue to find Rubicon an attractive way for investors to gain exposure to the exciting LED industry, we feel that a lack of near-term catalysts, visibility into pricing,
capacity expansion and relatively rich valuation cause us to step to the sidelines. We would recommend initiating or adding to positions on material pullbacks or if visibility into the company’s capacity expansion or macro pricing improve.. However, we are raising our price target to $11, up from $7 to better reflect the current valuation environment for the LED space. Our price target is based off of a 12x multiple (15x discounted at 20%) of EV to our 2011 EBITDA estimate of $15M. We would use pullbacks to add/initiate.”

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