Needham & Company Maintains a 'Buy' on Ultra Clean (UCTT); Guidance Weak, but Largely Expected

Needham & Company maintains a 'Buy' on Ultra Clean (NASDAQ: UCTT) price target of $6.00.

Needham analyst says, "UCTT reported 3Q11 results at the low-end of guidance. As we had warned in our preview, 4Q11 guidance is below consensus. If anything, we view the guidance as respectable given several headwinds impacting near-term business, including the weakness of the semi equipment space, a drastic slowdown in the MOCVD sector and a transitioning out of FEIC (Buy). With the stock trading at just 1.2X P/TBV, we believe UCTT looks cheap, especially given the high likelihood for a recovery starting in 1Q12...We lower our 2011 EPS est. to $0.69 and 2012 $0.47."

For more ratings news on Ultra Clean click here and for the rating history of Ultra Clean click here.

Shares of Ultra Clean closed at $4.97 yesterday.

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