Ultra Clean hits over 15-month low on lower revenue outlook
11/04/2022 16:39
** Shares of semiconductor equipment and testing co UCTT.O
down 7.3% at $33.40, their lowest level since Jan 2021
** Co cuts Q1 revenue outlook to between $560 mln and $570
mln from earlier forecast of $580 mln to $630 mln urn:newsml:reuters.com:*:nPn5bPPMpa
** Refinitiv analysts expect Q1 revenue of $602.66 mln
** UCTT says the recent China COVID-19 lockdown policy
affected production schedule at its Shanghai facility, while the
grounding of all Boeing BA.N 737-800 aircraft, due to the
recent China Eastern Airlines accident, impacted its ability to
receive and send materials from China
** Co to post Q1 results on April 27
** All six brokerages covering the stock rate it "buy" or
higher; their median PT is $74.75 - Refinitiv data
** As of last close, stock had fallen 37.2% YTD
(Reporting by Devik Jain in Bengaluru)
((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))