ICHR target raised to $42 at Needham -
per briefing -
ICHOR Corporation target raised to $42 at Needham (32.75 ) : Needham raises their ICHR tgt to $42 from $36, reiterates Buy. Firm notes that head of their 20th annual Needham Growth Conference, ICHR positively preannounced 4Q17 and, more importantly, provided a very robust 1Q18 outlook, supported by strong demand in WFE coupled with new program wins and full ramp of its recent acquisitions. They believe the step change in ICHR's revenue base coupled with the new target model with increased margin profiles should support a better valuation for the stock, given that it is still trading at a P/E of just ~8x based on their updated 2018 NG EPS with Stock Comp. Given the solid momentum and a validated inorganic growth strategy, they are buyers of the stock despite the sizable increase following the pre-announcement.
