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 FY22 revenue guidance is an encouraging sign that no unexpected issues arose in Q4 from U.S. export restrictions, the analyst tells investors in a research note. ACM Research continues to gain share leveraging its status as a China domestic supplier with new product introductions and new customer wins, the firm adds, also raising its FY23 EPS view to 80c from 50c.