Cymer Inc., which makes lasers used in semiconductor manufacturing, said Monday it plans to repurchase up to $100 million of its shares in open market or private transactions.

The laser manufacturer also recently posted a first-quarter profit that surpassed analyst predictions and issued an optimistic outlook.

The stock trades for 5x cash flow.

Upgraded by Needham & Co from Hold to Buy

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Cymer announced a $300 million dollar buyback which replaces its prior plan.

Cymer, Inc., which engages in the development, manufacturing, and marketing of light source solutions for the semiconductor industry, recently announced that Q1 earnings were flat and did not meet Wall Street expectations.

The stock trades for about 8x cash flow.

Upgraded by Stifel Nicolaus from Hold to Buy

+106.71%

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$8/share in cash.