Ultra Clean Holdings, a leading semiconductor equipment company, saw its stock price plummet by a staggering 25.26% on Tuesday's trading session. The sharp decline came after analysts at Needham and Oppenheimer lowered their respective price targets for the company's shares.
Needham cut its price target for Ultra Clean from $44 to $40, citing the company's recent earnings report that contained a surprise element. While Needham maintained a 'Buy' rating on the stock, the lowered price target reflects the firm's updated expectations for Ultra Clean's future performance.
Similarly, Oppenheimer also adjusted its price target for Ultra Clean, reducing it from $70 to $60 while maintaining an 'Outperform' rating. The analysts polled by FactSet currently have an average rating of 'Buy' and a mean price target of $50.25 for Ultra Clean Holdings.
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