ACM Research price target raised to $12 from $10 at Needham

Needham analyst Quinn Bolton raised the firm’s price target on ACM Research to $12 from $10 and keeps a Buy rating on the shares. The company’s affirmed 2022 revenue outlook is an "encouraging sign" that no unexpected issues arose in Q4 from U.S. export restrictions, the analyst tells investors in a research note. Bolton adds that ACM’s 2023 guidance suggests that the mature node spending from domestic Chinese manufacturers should remain robust this year following a temporary pause and that the company continues to gain share leveraging its status as a China domestic supplier, new product introductions and new customer wins.