Tokyo Electron (NASDAQ:TOELY) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

According to Zacks, “Tokyo Electron Limited (TEL) is a company mainly engaged in the manufacture and sale of electronic products for industrial uses. TEL is the largest manufacturer of IC and FPD production equipment in Japan and the third largest in the world. The Semiconductor Manufacturing Equipment segment is engaged in the provision of coaters and developers for wafer processing, plasma etching equipment, thermal processing systems and others. The Flat-panel Display (FPD) Manufacturing Equipment segment is engaged in the provision of coaters and developers for FPD manufacturing, plasma etching/ashing apparatus and others. The Electronic Component and Information Communication Equipment segment provides semiconductor products such as integrated circuits (ICs), computer and network equipment and software. In addition, the Company is also involved in logistics, facility management and insurance businesses. “

Shares of Tokyo Electron (NASDAQ TOELY) opened at 38.50 on Thursday. The company has a market capitalization of $25.27 billion and a PE ratio of 19.08. The firm’s 50-day moving average is $36.28 and its 200 day moving average is $33.80. Tokyo Electron has a 12 month low of $20.83 and a 12 month high of $38.94.

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