Ultra Clean Holdings (UCTT): Raising PT to $10 - Needham
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Needham & Company analyst, Edwin Mok, reiterated his Buy rating on Ultra Clean (NASDAQ: UCTT) but raised his price target to $10.00 from $8.50 after 3Q results beat expectations. The company guided for further growth as it benefits from solid industry demand, ramp-up of new design wins and increases sales from the Singapore facility.
The analyst believes UCTT's strategic focus in the semi space has allowed it to gain incremental share, while efforts to improve costs have started to yield higher operating margins and profitability. The analyst stated "Based on the positive outlook for the SemiCap space and ongoing OLED display investments, we see solid top and bottom line growth in 2017".
Shares of Ultra Clean closed at $7.99 yesterday.
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