Ichor Holdings (ICHR) PT Raised to $72 at Needham

Needham analyst Charles Shi raised the price target on Ichor Holdings (NASDAQ: ICHR) to $72.00 (from $48.00) while maintaining a Buy rating.

The analyst commented: "Ichor reported strong 1Q26 results, with revenue of $256.1MM (+15% QoQ) exceeding guidance mid-point and non-GAAP gross margins near the high-end of the guided range. 2Q26 was guided to $300.0MM (+17% QoQ), continuing one of the steepest ramps in company history and driving gross margins higher to 13-14%. Management expects double-digit growth in 2H-26 vs. 1H-26, with deposition and etch currently driving growth. Lithography is expected to pick up in 4Q26, once a key customer's inventories are further depleted. ICHR continues to ramp both Mexico and Malaysia facilities, and expects internal content to grow to ~35% exiting CY26 (vs. 25% in CY25). CY26 OpEx growth will likely remain restrained, allowing for significant operating leverage to boost NG EPS. Our PT is raised to $72. We would be buying on the weakness."

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