Needham analyst Charles Shi raised the firm’s price target on Ultra Clean (UCTT) to $30 from $26 and keeps a Buy rating on the shares. Ultra Clean reported a solid Q2 with revenue beating the Street’s estimate, mainly due to upside from its China business, and Q3 revenue was guided slightly above the Street, the analyst tells investors in a research note. Management sees cost reduction benefits to show up gradually and more pronounced in Q4, the firm notes.
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Read More on UCTT:
- Ultra Clean price target lowered to $30 from $32 at TD Cowen
- Ultra Clean Holdings: Strong Q2 Performance and Optimistic Outlook Drive Buy Rating
- Ultra Clean Holdings: Strategic Positioning and Growth Potential Amidst Challenges
- Ultra Clean reports Q2 non-GAAP EPS 27c, consensus 27c
- Ultra Clean sees Q3 non-GAAP EPS 14c-34c, consensus 27c