Analyst Charles Shi of Needham reiterated a Buy rating on Ichor Holdings (ICHR – Research Report), with a price target of $34.00.
Charles Shi has given his Buy rating to Ichor Holdings due to a variety of factors. Although the company reported a mixed quarter with 3Q23 results being largely in line, the 4Q23 guidance fell below consensus, primarily driven by a temporary issue with the GM miss. Despite this, management expects the GM expansion to recover by 1Q24. Furthermore, Ichor Holdings exhibited a cautious tone regarding the outlook for 2024, resulting in a lowered PT to $34.
However, Shi believes that the lowered estimates could actually lead to more upside potential going into 2024. Although this recent report was not one of Ichor’s best, the expectations for the company are considered well de-risked at this point. This is why, despite some setbacks and cautious tones, Shi maintains a bullish stance on the stock, supporting his Buy rating.
According to TipRanks, Shi is a 3-star analyst with an average return of 2.9% and a 41.18% success rate. Shi covers the Technology sector, focusing on stocks such as Applied Materials, Formfactor, and Lam Research.
In another report released today, TD Cowen also reiterated a Buy rating on the stock with a $31.00 price target.
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Ichor Holdings (ICHR) Company Description:
Ichor Holdings Ltd. engages in designing, engineering, and manufacturing fluid delivery subsystems for semiconductor capital equipment. It offers gas and chemical delivery systems, which are key elements of the process tools used in the manufacturing of semiconductor devices. It also manufactures precision machined components, weldments, and proprietary products for use in fluid delivery systems for direct sales to its customers. The company was founded in 1999 and is headquartered in Fremont, CA.
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