Needham raised the firm’s price target on Ultra Clean (UCTT) to $35 from $30 and keeps a Buy rating on the shares. The firm cites the company’s Q3 earnings beat and strong gross margin performance as its key customer Lam Research (LRCX) was up nearly 20% from Q2, the analyst tells investors in a research note. Inventories have largely normalized at the top two customers, which should mean more immediate revenue pickup when WFE grows into an upcycle, the firm added.
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