AEIS - With Healthy End-Markets Advanced Energy Industries Looks Too Cheap

• Semiconductor equipment manufacturers and component suppliers like Advanced Energy Industries have weakened recently, perhaps prompted by the threat of U.S. sanctions against China's SMIC.
• AEIS continues to see strong demand from its semiconductor equipment customers and the outlook for equipment orders looks healthy into 2021 for both foundry/logic and memory.
• The near-term outlook for industrial, data center, and wireless is perhaps more wobbly, but the outlook over the next 12-36 months is still very good.
• AEIS looks undervalued today and priced for a healthy double-digit return.

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