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Fly News Breaks for September 25, 2019
Sep 25, 2019 | 06:24 EDT
Cowen analyst Karl Ackerman downgraded Ichor Holdings to Market Perform from Outperform with an unchanged price target of $26. The analyst's field work in Asia suggests investor expectations for memory wafer fab equipment "may be inflated." Further, limited near-term outsourcing opportunities from front-end suppliers and elevated customer inventories create less growth opportunities in 2020 for Ichor, 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.
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