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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Read More on ACMR:
- ACM Research Reports Third Quarter 2023 Results
- ACM Research Announces Receipt of Purchase Order from a Large U.S. Manufacturer
- ACM Research Announces Preliminary Unaudited Revenue Range for Third Quarter 2023
- ACM Research sees Q3 revenue $165M-$168M, consensus $173.69M
- ACM Research to Release Third Quarter 2023 Preliminary Revenue Range on October 27, 2023 and Full Financial Results on November 7, 2023