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Fly News Breaks for April 26, 2018
LRCX, UCTT
Apr 26, 2018 | 08:21 EDT
Needham analyst Y. Edwin Mok lowered his price target on Ultra Clean Holdings to $28 to reflect the "lower comp multiples" but kept his Buy rating after the company's Q1 earnings beat. Mok notes that the expectations for the quarter were low considering the reduction in shipment outlook by the company's large customer Lam Research (LRCX), but Ultra Clean was able to top the Street's model. The analyst adds that he awaits more signs of growth from its inorganic vector, but sees Ultra Clean executing well in its organic strategy.
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