Ultra Clean (UCTT) PT Raised to $70 at DA Davidson, EPS Jumps 20c

April 20, 2021 8:46 AM EDT
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Price: $48.48 --0%

Rating Summary:
    7 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 5 | New: 58
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DA Davidson analyst Thomas Diffely raised the price target on Ultra Clean (NASDAQ: UCTT) to $70.00 (from $62.00) while maintaining a Buy rating to reflect 3 issues: an improved industry outlook, the acquisition of Ham-Let, and a $175M-$200M equity offering.

The analyst stated "Bottom line: our 2021 EPS estimate increases from $3.55 to $3.65 and our 2022 estimate increases from $4.00 to $4.20, respectively. We are raising our PT from $62 to $70 (~18x 2022 EPS less net debt) on higher earnings and the influx of new cash that provides the company with significant flexibility to either pursue additional accretive acquisitions or retire a meaningful slug of debt."

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