Ichor (ICHR) posted a "solid" Q4 as it continues its recovery under its new chief executive officer Phil Barros as its tools target new opportunities in the semiconductor equipment market, with a serviceable addressable market estimated at $9 billion, Oppenheimer said in a note emailed Tuesday.

The company's recovery looks to be more sustainable compared with past ones, driven by broad-based revisions across wafer fabrication equipment, Oppenheimer analysts said.

Positives for Ichor include its reduced reliance on top customers with diversification, discipline in planned operating expenses compared with expected 2026 revenue, and global supply chain shifts that can help its previous execution issues, the analysts said.

Although market conditions in the industry have been improving, Ichor's performance hinges beyond being a "pure cyclical upside play," the analysts said. They noted that its evolution into a "active process control" model driven by products is still a work in progress and will not be easily predictable.

Oppenheimer kept the company's stock rating at perform and increased the price target to $36 from $32.

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