Ichor Holdings Ltd (ICHR) Receives a Buy from B.Riley FBR


B.Riley FBR analyst Craig Ellis reiterated a Buy rating on Ichor Holdings Ltd (ICHR) today and set a price target of $29. The company’s shares closed yesterday at $22.72.

Ellis observed:

“Tuesday 8/6, front-end outsourced subsystems and components supplier ICHR’s 2Q19 results were mixed versus the Street with sales $1.2M above, but EPS $0.01 below. The guide was below as we had previewed but a little better than our fears, helped by a meaningful ASML sales contribution. Stock volatility is likely Wednesday, but we believe takeaways support a positive differentiated growth and profitability thesis versus other front-end players so would view any such retreat opportunistically. First, 2Q sales grew Q/Q despite Semi’s core business decline, helped by $15.0M(+$6.0M Q/Q) of incremental share gain. That affirms a 1Q bottom. Second, rising ASML exposure is helping Semi’s core business grow Q/Q versus our fears of a decline.”

According to TipRanks.com, Ellis is a 4-star analyst with an average return of 6.6% and a 51.2% success rate. Ellis covers the Consumer Goods sector, focusing on stocks such as Applied Materials Inc, Axcelis Technologies, and Rudolph Technologies.

Ichor Holdings Ltd has an analyst consensus of Moderate Buy, with a price target consensus of $27.

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The company has a one-year high of $27.12 and a one-year low of $14.23. Currently, Ichor Holdings Ltd has an average volume of 265.4K.

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Ichor Holdings Ltd. engages in designing, engineering, and manufacturing fluid delivery subsystems for semiconductor capital equipment. It offers gas and chemical delivery systems, which are key elements of the process tools used in the manufacturing of semiconductor devices.

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