Morgan Stanley raised its price target for ACM Research (NASDAQ: ACMR) to $130 from $90. Analyst Charlie Chan reiterated an Overweight rating for the company.
The firm cited improved revenue visibility from China’s expanding memory sector as the primary driver for the upgrade. This valuation increase occurs despite a broader sell-off across the technology sector.
Morgan Stanley expects increased adoption of the company's advanced packaging equipment. The firm believes the market underestimates ACM's transition from a cleaning tool specialist to a comprehensive equipment platform.