Cowen analyst Karl Ackerman downgraded Ultra Clean Holdings to Market Perform from Outperform and lowered his price target for the shares to $18 from $20. The analyst's field work in Asia suggests investor expectations for memory wafer fab equipment "may be inflated." Further, while Ultra's services business adds stability entering an "uncertain" 2020, limited near-term outsourcing opportunities from front-end suppliers and elevated customer inventories offer less opportunity for growth, Ackerman tells investors in a research note. His company visits in Seoul and Taiwan indicate memory manufacturers remain cautious on DRAM and NAND demand for next year. As a result, industry WFE spending on memory may decline 10% year-over-year in 2020, below investor and sell-side consensus views of up mid-to-high single digits, says the analyst.