Needham raised the firm’s price target on ACM Research to $24 from $18 and keeps a Buy rating on the shares. ACM preannounced 2023 revenue that exceeded guidance and provided an initial revenue outlook for 2024 that beat consensus estimates, the analyst tells investors in a research note. ACM’s positive outlook for 2024 likely reflects the strong revenue pipeline, thanks to the strong 2023 shipments, as well as expected strong China WFE in 2024, the firm says.
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Read More on ACMR:
- ACM Research Updates 2023 Revenue Outlook and Provides Initial Outlook for 2024 Revenue
- ACM Research sees FY24 revenue $650M-$725M, consensus $669.33M
- ACM Research raises FY23 revenue view to $530M-$545M from $520M-$540M
- ACM Research to Participate in Upcoming Investor Conferences
- ACM Research management to meet virtually with Benchmark
