As previously reported, Morgan Stanley downgraded ACM Research to Underweight from Equal Weight with a price target of $10, up from $8, as the firm bakes in a conservative view on fab expansion in China. The firm, which expects the China wafer fab equipment, or WFE, total addressable market to decline 16% year-over-year in 2023, has revised down its 2023-25 China capex assumptions due to the negative impact on memory projects from export controls and a slowdown in mature node fab expansion owing to a weaker analog/power semi cycle.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on ACMR:
- ACM Research downgraded to Underweight from Equal Weight at Morgan Stanley
- Down More Than 50%: These 2 ‘Strong Buy’ Stocks Still Look Cheap Despite This Year’s Rally
- ACM Research price target raised to $12 from $10 at Needham
- ACM Research Shanghai sees 2022 revenue RMB 2.7B-RMB 2.9B
- 2023 Looks Bright for ACMR