Morgan Stanley analyst Charlie Chan double upgraded ACM Research to Overweight from Underweight with a price target of $13.50, up from $10, after the firm did another round of industry checks recently and was "surprised" to find that Q4 shipments was up 21% quarter-over-quarter and that purchase orders "remained strong" in Q4 and Q1 of 2023. Some mature node foundry customers "remain aggressive," ACM’s market share gains were stronger than expected and the company’s new product launches are going "smoother than we expected," the analyst tells investors in a research note. ACM Research "should enjoy a strong year of growth in 2023," supported by market share gains and new product launches, the firm concluded.
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