As previously reported, Cowen upgraded Ultra Clean Holdings to Outperform from Market Perform with a $32 price target. Analyst Karl Ackerman said Ultra Clean reported healthy December quarter results and the 1H 2018 outlook appears "unquestionably solid" with upside potential across semis and OLED. The analyst sees several near-term specific catalysts including a more sustainable OLED cycle and Ultra Cleans's increasing opportunity to win new business across the deposition and etch ecosystems. Ackerman raised estimates for 2018 above consensus and views valuation as "compelling."