Needham & Company Maintains a 'Hold' on Ultra Clean (UCTT); Waiting For Better Visibility

July 24, 2012 8:25 AM EDT Send to a Friend
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Price: $7.95 +0.76%

Rating Summary:
    6 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 28 | New: 14
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Needham & Company maintains a 'Hold' on Ultra Clean (NASDAQ: UCTT).

Analyst, Y. Edwin Mok, said, "UCTT reported mixed 2Q12 results that met its guidance ranges and provided guidance that is probably worse than expectations. We had previously warned that 3Q12 outlook would reflect softness in the semicap sector, but the magnitude of the decline is even greater than our projection. On the other hand, the newly acquired AIT is performing better than UCTT. Longer-term, we continue to like the AIT acquisition and believe UCTT will realize meaningful benefits from this deal. While comments suggest business could recover quickly, we recommend investors wait for better visibility into a cyclical rebound in the semi equipment sector before getting aggressive."

"We cut our non-GAAP EPS estimate for 2012 from $0.68 to $0.59 and 2013 from $0.93 to $0.87. The higher tax rates impacted our 2012 EPS estimate by $0.03 and 2013 by $0.05."

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 $6.00 yesterday.


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