Seaport Research initiated coverage of ACM Research with a Buy rating and $75 price target. The company began as a supplier of cleaning tools but has been expanding its product line to cover a broader array of tools, with ambitions to provide a comprehensive platform to vie with the global players, the analyst tells investors in a research note. Demand for WFE tools is surging in China today, and with 90% of its products sold there, ACM is well positioned to pick up share and use those profits to fund growth of its platform and their export ambitions, the firm added.
