Ultra Clean price target raised to $60 from $52 at Craig-Hallum

Craig-Hallum raised the firm’s price target on Ultra Clean to $60 from $52 and keeps a Buy rating on the shares. Management said they are beginning to see signs of a broader market improvement beginning in later 2024 instead of early next year, the analyst tells investors in a research note. The firm believes in the next up cycle Ultra Clean can exceed its previous annual earnings per share peak of $4.20 seen in 2021.