ACM Research initiated with an Overweight at JPMorgan

JPMorgan analyst Jimmy Huang initiated coverage of ACM Research (ACMR) with an Overweight rating and $36 price target The firm believes ACM’s breakthrough in sulfuric peroxide mix cleaning will drive “substantial” revenue upside and ease market concerns of competition from Chinese peers in its mid-range to low-end cleaning segments. The second catalyst for the shares is ACM’s ability to address an additional 13% of the wafer fabrication equipment total addressable market and advanced packaging trends in the mid to long term, the analyst tells investors in a research note.