Needham & Company Downgrades Ultra Clean (UCTT) to Hold; More Cautious Industry Outlook

Needham & Company downgraded Ultra Clean (NASDAQ: UCTT) from Strong Buy to Hold.

Analyst, Y. Edwin Mok, said, "As a leading sub-system supplier to key semicap OEMs, we believe UCTT will experience the semicap industry softness in 2H12. Additionally, we see continued weakness in several non-semi areas, including MOCVD, FPD and solar. While UCTT has secured several design wins, including a new control with Bruker (Nasdaq: BRKR) (Not/Rated), we believe those wins not be meaningful until 2013. Without another driver, we expect UCTT to at best track WFE in the next few quarters, thus we believe a Hold rating for UCTT is more appropriate at this time."

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 $6.11 yesterday.

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