UPDATE: Stifel Upgrades Ichor Holdings (ICHR) to Buy

(updating comment)

Stifel analyst Patrick Ho upgraded Ichor Holdings (NASDAQ: ICHR) from Hold to Buy with a price target of $31.00.

The analyst comments "We are upgrading shares of Ichor Holdings to a Buy rating (from Hold), while maintaining our target price of $31, as our FY21 (Dec) estimates remain unchanged. We believe the recent weakness in the group (attributed to several factors including concerns on worsening China trade tensions and potential memory capex cuts) has brought shares to more attractive valuations. Admittedly, the stock has somewhat underperformed in 2020 and we believe current prices represent an attractive entry point into the name with more upside at this time. Following supply chain challenges related to the COVID-19 pandemic, Ichor is now seeing a recovery in overall demand trends. While we still have concerns about near-term memory spending, we are incrementally more positive on 2021 WFE spending trends and this could set up a strong recovery year for Ichor."

For an analyst ratings summary and ratings history on Ichor Holdings click here. For more ratings news on Ichor Holdings click here.

Shares of Ichor Holdings closed at $21.39 yesterday.

You May Also Be Interested In

• New Street Research Upgrades Micron Technology (MU) to Buy
• Kotak Upgrades Max Financial Services (MAXF:IN) to Buy (1)
• CFRA Upgrades Veeva Systems (VEEV) to Buy following +4.58% day