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.
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