Varian Semi Shares Rise After Analyst Praise

NEW YORK (AP) — Shares of Varian Semiconductor Equipment Associates Inc. climbed modestly Friday afternoon after analysts praised the chip manufacturing equipment maker, with C.J. Muse of Barclays Capital seeing a "treasure trove of opportunities" for the company.

Muse, who reiterated an "Overweight" rating on the stock, raised his target price to $42 from $35, saying he sees the stock heading to mid to high 30s over the next month, with further upside potential heading into the company's third-quarter results.

Muse said the company is seeing "continued positive momentum" for order and shipment trends.

Stifel Nicolaus analyst Patrick Ho, who rates Varian "Buy," said the company is "staying one step (and perhaps more) ahead of its competitors and the overall marketplace."

The analysts' comments followed Varian's annual meeting with analysts at its Gloucester, Mass., headquarters. Ho said the company "placed a great deal of attention on some of the new growth opportunities ahead, both in semis, as well as other markets (like solar and LED)."

Shares rose 77 cents, or 2.6 percent, to $30.97 in afternoon trading as the broader market rallied.