Goldman Sachs upgraded ACM Research to Buy from Neutral with a price target of $39, up from $22. ACM is riding on China mature nodes capacity ramp up, product line expansion and customer base expansion, the analyst tells investors. The firm’s previous concern on China SPE was that, without sufficient access to certain equipment, local SPE and material suppliers would be impacted indirectly as their customers would cut procurement, but it now sees local customers raising capex and expanding mature nodes in China, supporting China SPE growth.
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