B. Riley upgrades Ichor to Buy on confidence in memory inflection

B. Riley upgraded Ichor Holdings to Buy from Neutral with a price target of $48, up from $40. The analyst sees improving memory trends for the semiconductor capital equipment group. In the past month, Riley has become “much more confident” on memory’s second half of 2024 through 2026 fundamentals, the analyst tells investors in a research note. The firm increasingly believes a multi-year memory capex inflection is probable exiting 2024 led by DRAM and including NAND. As such, it is increasingly confident sustained Ichor sales and margin gains are ahead.