Ultra Clean jumps after Q2 beat on AI demand
26/07/2024 15:31
** Shares of Ultra Clean Holdings UCTT.O gap higher by
~20% early Fri after clean-room tech provider to semiconductor
industry beats top and bottom-line expectations
** UCTT opens up 19.7% at $54, but has since pared gains.
Stock last up 5.4% at $47.55
** Hayward, Calif.-based co late Thurs said Q2 rev grew 22%
yr/yr to $516.1 mln, citing strong demand in China and customers
supplying high bandwidth memory and equipment supporting
advanced packaging for AI applications
** Q2 rev consensus among 3 analysts supplying estimates was
$490 mln, per LSEG
** It reported Q2 GAAP profit of 42 cents/sh vs 21 cents/sh
loss a year ago. Analysts anticipated loss of 2 cents for the
qtr
** TD Cowen reiterates "buy", boosts PT by $5 to $$60
** AI applications driving high performance computing and
CY25 semiconductor wafer fab equipment is tailwind to co's
dep/etch business, TD Cowen says in note to clients
** With move on the session, UCTT up ~39% YTD
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))