Craig-Hallum raised the firm’s price target on ACM Research to $40 from $31 and keeps a Buy rating on the shares following better-than-expected results and reiterated 2024 full year guidance. The firm notes the company has shown a tremendous track record of strong multi-year topline growth and has consistently achieved its full year guidance since going public in late 2017. Craig-Hallum believes the company is on track to drive, within a few years, its $1B annual revenue target based solely off opportunities the company sees within China.
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