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ACM Research price target raised to $20 from $15 at Roth MKM

Roth MKM raised the firm’s price target on ACM Research to $20 from $15 and keeps a Buy rating on the shares. The firm notes reported revenue in line with consensus and EPS upside. Roth is “encouraged” that ACM reported strong revenue and shipment growth. With the narrowed CY23 revenue guidance implying a lower Q4, the firm has lowered its forward run-rate. However, Roth believes ACM’s momentum with China and international customers remains intact and continues to expect strong 2024 revenue growth.

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