Ichor Holdings (ICHR) PT Lowered to $40 at Needham

Needham analyst N. Quinn Bolton lowered the price target on Ichor Holdings (NASDAQ: ICHR) to $40.00 (from $44.00) while maintaining a Buy rating.

The analyst commented: "ICHR reported 2Q24 results and offered 3Q24 guidance, both of which were largely in-line with the Street. Management highlighted that they expect to see HSD% sequential growth in 4Q24 due to demand upside from HBM and standard DRAM. While management expects 2025 to be stronger year for WFE, they see the recovery of NAND, to which ICHR is overindexed, but think it will only start in mid-2025. As such, while we remain bullish on ICHR ahead of the NAND recovery, we have lowered our PT to $40, which is 20x our updated CY25 NG EPS estimate. Maintain Buy."

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