Ultra Clean (UCTT) PT Raised to $55 at TD Cowen

TD Cowen analyst Krish Sankar raised the price target on Ultra Clean (NASDAQ: UCTT) to $55.00 (from $47.00) while maintaining a Buy rating.

The analyst commented: "UCTT posted a March '24 Q beat on higher dep./etch driven demand from HBM (high bandwidth memory) and advanced packaging strength as well as stronger sales to domestic China semicap customers. The positive June '24 Q guide indicates we have moved past the cyclical bottom, and key semicap customer inventories should normalize soon. Reiterate Buy and raise price target to $55."

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