Ultra Clean price target raised to $52 from $40 at Craig-Hallum

Craig-Hallum raised the firm’s price target on Ultra Clean to $52 from $40 and keeps a Buy rating on the shares. The firm notes Ultra Clean continues to work through elevated customer inventory levels which have been a headwind for five quarters now. That being said, the company expects to drive year-over-year growth in 2024 with Q1 to be the bottom for the year. Craig-Hallum believes that with an expected strong revenue pickup in the second half of the year, Q4 could reach revenue levels of $600M.