Craig-Hallum analyst Christian Schwab downgraded Ultra Clean Holdings to Hold from Buy and lowered his price target to $13 from $15 following the company's Q4 results. In a research note to investors, Schwab says with shares up about 50% year to date, he sees limited upside in the near-term until he has better visibility regarding a WFE spending recovery in 2020. Additionally, Schwab says he is also concerned regarding the lack of leverage in the model without a meaningful recovery in WFE given the additional OpEx and cost of debt associated with the Quantum Global acquisition.