Ultra Clean price target raised to $50 from $46 at Needham

Needham raised the firm’s price target on Ultra Clean to $50 from $46 and keeps a Buy rating on the shares. The analyst cites the company’s small Q4 earnings beat, but with Q1 revenue outlook “meaningfully higher” than consensus. Ultra Clean management also sounded more bullish than its top OEM customers and direct peers, and expects the company’s business to improve sequentially through the year, the firm added.