Needham analyst N. Quinn Bolton initiated ACM Research with a Buy rating and a price target of $20, saying the company is the only WFE supplier headquartered and listed in the U.S. The analyst also cites the majority of the company's operations being in China, which he expects to be a fast-growing WFE market despite the continued trade tensions. Bolton further notes that ACM Research owns its own proprietary technology and targets the high-growth Wet Clean and Electrochemical Plating segments, offering a "unique" opportunity to advance market share with multinational and local Chinese memory and foundry semiconductor manufacturers.