Ultra Clean Holdings (UCTT): Raising PT to $10 - Needham
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Brean Capital Cuts Price Target on G-III Apparel Group (GIII) Following 3Q Miss
- Jefferies Cuts Price Target on PG&E Corp. (PCG) to $65 Following Rate Case Decision
- Drexel Hamilton Raises Price Target on Workday (WDAY) Following 3Q Beat
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Earnings
Related EntitiesNeedham & Company
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!