Needham Keeps Their Buy Rating on Ichor Holdings Ltd (ICHR)

In a report released today, Quinn Bolton from Needham reiterated a Buy rating on Ichor Holdings Ltd (ICHRResearch Report), with a price target of $27. The company’s shares closed yesterday at $20.56.

Bolton noted:

“We hosted Ichor Holdings’ CFO, Mr. Relations, Ms. an NDR in the Mid-Atlantic earlier this week. The most important takeaway from the meetings, in our opinion, was the growing momentum behind the company’s initiative to drive $75MM-$80MM of incremental revenue growth through market share gains in 2019. Management sees WFE bouncing along the bottom in C1H19 with a modest uptick anticipated in C2H19 and reiterated its outlook for excess component inventory to largely clear by the end of C1Q19. With our model showing only a modest uptick in the core business in C2H19 and assuming only $56MM of revenue from share gains, we are optimistic our model may prove conservative. We reiterate our Buy rating and $27PT , based on a 10x P/E multiple of our 2020 NG EPS estimate (excluding SBC).”

According to TipRanks.com, Bolton is a top 100 analyst with an average return of 15.0% and a 66.0% success rate. Bolton covers the Consumer Goods sector, focusing on stocks such as MACOM Technology Solutions Holdings Inc, Sequans Communications S A, and Quantenna Communications.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Ichor Holdings Ltd with a $26.75 average price target, representing a 30.1% upside. In a report issued on March 7, D.A. Davidson also initiated coverage with a Buy rating on the stock with a $30 price target.

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Based on Ichor Holdings Ltd’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $3.49 million. In comparison, last year the company had a net profit of $14.4 million.

Based on the recent corporate insider activity of 12 insiders, corporate insider sentiment is neutral on the stock.

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Ichor Holdings Ltd. engages in the design, engineering, and manufacturing of fluid delivery subsystems for semiconductor capital equipment. It offers gas and chemical delivery systems and manufactures components for internal use in fluid delivery systems and for direct sales of the customers.

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