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ACM Research upgraded to Hold at Jefferies after Q3 beat
The Fly

ACM Research upgraded to Hold at Jefferies after Q3 beat

As previously reported, Jefferies analyst Nick Cheng upgraded ACM Research to Hold from Underperform with a price target of $7, down from $8, after the company’s Q3 beat driven by a "great result" for its flagship cleaning tools and strong growth of new ECP/furnace tools. However, ACM cut the upper end of their full-year revenue guidance to $385M from $405M due to supply constraint and new U.S. restrictions, noted Cheng. He sees delisting risk as lowered the and overall impact from U.S. restrictions being limited to advanced nodes, but adds that risk from the recent BIS restrictions is still an overhang and thinks "over-compliance" or further restriction can be new risks.

Published first on TheFly

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