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Robbie Stephens Downgrades Icos Vision

Robertson Stephens downgraded Icos Vision Systems (IVIS) to market perform from buy.

Analyst Scott Ingham says due to the severity of a downturn in the backend of the semiconductor industry, and Icos's narrow market focus in sector, he believes the company is unlikely to see a significant return to profitability until 2003. He notes the recently reported Q2 $0.31 loss from operations was broadly in line with Icos's preannounced guidance, and says in addition to a dramatic revenue drop, the company's Q2 was negatively impacted by one-time charges.

Ingram believes the company's current market valuation reflects a high level of uncertainty associated with its future EPS potential. He set a $12 12-month target.

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