Ultra Clean Holdings (UCTT): Raising PT to $10 - Needham

October 27, 2016 6:18 AM EDT
Get Alerts UCTT Hot Sheet
Price: $12.44 --0%

Rating Summary:
    4 Buy, 4 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 23 | Down: 31 | New: 34
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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".

For an analyst ratings summary and ratings history on Ultra Clean click here. For more ratings news on Ultra Clean click here.

Shares of Ultra Clean closed at $7.99 yesterday.

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