ACM Research (ACMR – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst Charles Shi from Needham reiterated a Buy rating on the stock and has a $34.00 price target.
Charles Shi has given his Buy rating due to a combination of factors surrounding ACM Research’s recent performance and future outlook. The company reported robust fourth quarter results for 2023, surpassing their previous guidance, which signals operational strength. Additionally, ACMR’s positive reiteration of their 2024 revenue guidance, initially set out in early January, provides a stable financial forecast. A notable achievement was the successful qualification of ACMR’s evaluation tool by Intel, a development that, while not expected to significantly affect 2024’s revenue, indicates potential for future growth and industry partnerships.
Furthermore, Shi anticipates that shipment growth will significantly recover and exceed revenue growth, with an expected year-over-year increase of around 23% at the midpoint of the revenue guidance for 2024, following a modest 10% growth in 2023. This uptick suggests a robust demand for ACMR’s products. Looking ahead to 2025, Shi’s analysis projects a minimum of 10% revenue growth for ACM Research. Based on these assessments, Shi has increased the price target to $34, reaffirming his confidence in the stock’s potential and justifying the Buy rating.
In another report released today, Benchmark Co. also maintained a Buy rating on the stock with a $32.00 price target.
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ACM Research (ACMR) Company Description:
ACM Research, Inc. engages in the development, manufacture, and sale of single-wafer wet cleaning equipment. It operates through the Space Alternated Phase Shift and Timely Energized Bubble Oscillation technology. The company was founded by David H. Wang in January 1998 and is headquartered in Fremont, CA.
Read More on ACMR:
- ACM Research Reports Fourth Quarter and Fiscal Year 2023 Results
- ACMR Earnings this Week: How Will it Perform?
- ACM Research to Release Fourth Quarter and Fiscal Year 2023 Financial Results on February 28, 2024
- ACM Research Subsidiary Lists on STAR Market
- ACM Research (Shanghai) Proposes Private Share Offering
