Piper Jaffray Lowers UCTT Price Target To $11

Piper Jaffray has issued a report lowering the Price Target on Ultra Clean Holdings UCTT from $13.50 to $11 a share. Piper Jaffray writes, "While growth in non-semiconductor business is strong, we estimate that HB LED will grow from $70M this year to $100M to $120M next year, we also expect the semiconductor business to slow next year. Our estimates imply roughly a 10% decline. We believe that much of the strength in semiconductor and HB LED (excluding UCTT share gains in HB LED) will result in weaker demand in CY12." UCTT has a Neutral Rating and closed at $10.29 a share yesterday.