Ichor Holdings price target lowered to $34 from $40 at Needham

Needham lowered the firm’s price target on Ichor Holdings to $34 from $40 but keeps a Buy rating on the shares. The company’s Q3 results were “mixed” with a miss on gross margins driving its earnings shortfall, and its Q4 guidance was below consensus, the analyst tells investors in a research note. Ichor management expect this to be a temporary issue however as it looks for gross margin expansion to be back on track in Q1 of next year, the firm states, adding that it believes the post-Q3 round of estimate cuts could lead to more upside than downside for Ichor shares moving into 2024.