Ichor Holdings downgraded to Hold from Buy at Needham

Needham downgraded Ichor Holdings (ICHR) to Hold from Buy without a price target The firm lowered its 2025 wafer fab equipment estimate from $110B to $100B and launched a 2026 estimate at $100B. Needham sees 2025 as likely the peak WFE, saying the current semiconductor upcycle “will be lukewarm,” and the next downturn could hit in the second half of 2026. While the industry may still post slight growth from the $98B WFE in 2024, the headwind is increasing, the analyst tells investors in a research note. As such, Needham is “taking some chips off the table” and downgraded “four high-multiple names.” It believes the four have limited business upside within next 12 months.