ACM Research Exceeds Expectations with Over 100% Growth, Solidifying Buy Rating

In a report released today, Mark Miller from Benchmark Co. maintained a Buy rating on ACM Research (ACMR – Research Report), with a price target of $38.00.

Mark Miller’s rating is based on the robust performance and projected growth of ACM Research. In his assessment, Miller has identified the company’s preliminary sales data for the first quarter of 2024 as a strong indicator of its growth trajectory. With unaudited revenue expected to be between $150 million and $152 million, ACM Research is demonstrating an impressive year-to-year growth rate of over 100%. This performance not only meets but nearly aligns with the consensus estimates for the quarter, showcasing the company’s ability to deliver on market expectations.

Furthermore, Miller’s confidence in the Buy rating is reinforced by ACM Research’s total preliminary shipments for the same quarter, estimated to be between $235 million and $240 million, indicating a significant year-to-year growth of approximately 163%. This substantial increase in shipments underscores the company’s expanding operational capacity and market reach. Additionally, ACM Research’s re-affirmation of its full-year 2024 revenue outlook, which anticipates a healthy growth rate of 17% to 30%, reflects a solid and stable growth trajectory that supports Miller’s positive outlook for the stock.

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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.