Ichor Holdings initiated with a Perform at Oppenheimer

Oppenheimer initiated coverage of Ichor Holdings with a Perform rating and $35 price target. Ichor is tied to the semiconductor upcycle and could exceed estimates if wafer fab equipment recovers as expected, the analyst tells investors in a research note. However, the firm says the company faces headwinds in silicon carbide. Opco sees more immediate upside potential in Ultra Clean and prefers a “wait-and-see approach” with Ichor.