Ultra Clean (UCTT) PT Lowered to $26 at Needham

Needham analyst N. Quinn Bolton lowered the price target on Ultra Clean (NASDAQ: UCTT) to $26.00 (from $40.00) while maintaining a Buy rating.

The analyst commented: "Ultra Clean reported a miss-and-cut quarter, primarily due to technical challenges faced by one European and one Chinese customer. Management sees the slower than anticipated semi market recovery, along with uncertainty caused by tariffs continuing to be the headwind through the year. The company now sees the 2H25 run rate staying at the 2Q25 level, and no longer expects H/H growth. UCTT did not quantify the tariff impact, but believes more than half of the component tariffs can be passed along to customers. Management also announced that they are going to optimize the company's global footprint, which is set up for a $4B revenue run rate (high end of UCTT's margin model), to improve efficiency and protect profitability. We have derisked our 2025 and 2026 estimates and reduce our PT to $26. Maintain Buy."

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