Ichor Holdings price target lowered to $25 from $35 at Oppenheimer

Oppenheimer lowered the firm’s price target on Ichor Holdings (ICHR) to $25 from $35 and keeps a Perform rating on the shares. The firm is lowering its 2025/2026 estimates for Ichor as part of broader semicap revisions, cutting revenue/EPS by 7.5%/45% for 2025 and 26.5%/64% for 2026. The steep cuts reflect Ichor’s role as swing supplier to larger semicaps. Oppenheimer’s 2025 revenue is now 7% below consensus, projecting 9% growth vs. prior +18%, but still better than its revised WFE forecast to decline 10% over two years on comparable sales. Demand weakness reflects worsening macro and policy errors after WFE doubled from 2019-2024 to $100B.