Ultra Clean initiated with an Outperform at Oppenheimer

Oppenheimer analyst Edward Yang initiated coverage of Ultra Clean with an Outperform rating and $70 price target. The company is highly leveraged to the semiconductor upcycle and could exceed estimates if wafer fab equipment recovers as expected, the analyst tells investors in a research note. Oppenheimer adds that Ultra Clean is well positioned in AI growth areas, including nascent but booming franchises in high-bandwidth memory, advanced packaging, and vacuum based EUV tools.