"Investment companies only cover companies they can make money on. If the company isn't looking to raise debt, issue shares, etc., they are not attractive to cover"
You are right that investment firms need to monetize their coverage and most of the larger firms are only interested in a stock like ASYS if they can raise debt, do a deal, or sell secondary shares. However, the smaller boutique firms are more interested in bringing a good idea to their clients, but that requires some support from the firm like spending a few days on the road meeting with their clients. Since there are only two firms that cover ASYS, and with their improving outlook its quite puzzling why ASYS would be gun shy about getting out on the road?