Ultra Clean (UCTT) PT Raised to $92 at Needham

Needham analyst N. Quinn Bolton raised the price target on Ultra Clean (NASDAQ: UCTT) to $92.00 (from $70.00) while maintaining a Buy rating.

The analyst comments "Ultra Clean reported solid results with both revenue and non-GAAP gross margins exceeding our expectations and the mid-point of the guided revenue range. Gross margin strength was attributed to higher volumes and better product mix. 2Q26 revenue was guided +10% QoQ, with margins expected to trend higher as well (and further into 2026 on rising revenue). Management remarked that demand continues to "build week by week" and the overall 2026 outlook has improved since last quarter, with some customers expecting WFE growth in 2027 of 15%+, driven by DRAM and leading-edge foundry/logic investments. UCTT continues to have ample capacity to meet growing demand ($3B+, with $4B possible with modest investments). We reiterate our Buy rating with a new $92 PT (~22x our new CY27 NG EPS)."

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