Needham & Company Maintains a 'Buy' on Ultra Clean (UCTT); Raised 4Q11 Guidance on Improved Business

Needham & Company maintains a 'Buy' on Ultra Clean (NASDAQ: UCTT) price target raised from $6 to $9.

Needham analyst says, "Yesterday before market open, UCTT raised 4Q11 revenue guidance ahead of management’s presentation at the Needham Growth Conference. Mgmt sounded confident business will continue to benefit from a strong recovery through 2012. While our view is more conservative, we believe the strong bookings trend in the semi equipment space will further drive the rebound of its business, at least into 1H12. Additionally, we believe UCTT is making progress in winning new businesses in several adjacent markets."

"We increase our 2011 revenue/ non-GAAP EPS estimates to $451MM/$0.72, our 2012 estimates to $400MM/$0.52 and 2013 to $450MM/$0.80."

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 $6.79 yesterday.

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