Ultra Clean (UCTT) PT Raised to $27 at Needham & Company

Needham & Company analyst N. Quinn Bolton raised the price target on Ultra Clean (NASDAQ: UCTT) to $27.00 (from $24.00) while maintaining a Buy rating.

The analyst commented, "We hosted Ultra Clean at the 22nd Annual Needham Growth Conference last week for a presentation and 1x1 meetings. The company provided upbeat commentary about near-term demand and believes its revenue should trend with that of Ichor, its closest peer that pre-announced strong revenue guidance for 1Q20 driven by the foundry/logic segment ahead of NGC. In addition, UCTT revealed its new operating margin model, which it left out of its Analyst Day event in December. Reflecting upbeat 1H20 demand trends and a new operating margin model, we are increasing our 2020 and 20201 revenue and EPS estimates for UCTT and raise our PT to $27, based on a 13x P/E multiple of our revised CY21 EPS estimate (ex. SBC)."

You May Also Be Interested In

• Aebi Schmidt Holding AG (AEBI) PT Raised to $17 at DA Davidson Following Q2 Results
• Johnson Rice Upgrades Magnolia Oil & Gas Corp. (MGY) to Accumulate
• Target (TGT) PT Raised to $170 at DA Davidson Ahead of Q2 Earnings