Analyst Krish Sankar from TD Cowen maintained a Buy rating on Ichor Holdings (ICHR – Research Report) and keeping the price target at $38.00.
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Krish Sankar has given his Buy rating due to a combination of factors that reflect a positive outlook for Ichor Holdings. The company is expected to experience robust year-over-year growth in 2025, driven by strengths in various sectors such as Foundry/Logic, DRAM, and NAND. Additionally, the anticipated expansion of gross margins throughout 2025 is encouraging, as cost pressures are expected to decrease and the mix of proprietary components is set to rise alongside recovering volumes.
Furthermore, Ichor Holdings has demonstrated a strong sales outlook, highlighted by an impressive performance in the December quarter and a better-than-expected revenue projection for March 2025. The company’s growth is supported by developments in next-generation gas panels and NAND capacity upgrades. Despite some mixed or negative aspects, such as short-term gross margin challenges and costs from new headcount, the overall trajectory is positive. The limited exposure to direct Chinese semicap risks also contributes to the favorable rating.
In another report released on February 3, Stifel Nicolaus also reiterated a Buy rating on the stock with a $42.00 price target.