Needham analyst Charles Shi lowered the firm’s price target on Ultra Clean (UCTT) to $44 from $50 but keeps a Buy rating on the shares. The company reported a “solid” beat-and-raise Q3, though while its management maintains the view that China will remain strong into next year, it also sees Ultra Clean only reaching the low end of the margin guidance range under the $2B-$3B model in the second half of the year, the analyst tells investors in a research note. Needham’s reduced price target reflects 2025 revenue estimates that have de-risked China and lower operating margin estimates – down to 9.3% from 9.9%, the firm added.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on UCTT:
- Ultra Clean reports Q3 non-GAAP EPS 35c, consensus 33c
- Ultra Clean sees Q4 non-GAAP EPS 34c-54c, consensus 43c
- Options Volatility and Implied Earnings Moves Today, October 28, 2024
- UCTT Upcoming Earnings Report: What to Expect?
- Oppenheimer Predicts up to 740% Rally for These 2 ‘Strong Buy’ Stocks
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.