Why Are ACM Research Shares Gaining Today?

Needham analyst Quinn Bolton raised the price target on ACM Research Inc ACMR to $110 from $100 and kept a Buy rating on the shares. The price target implies an upside of 30.25%.
The analyst cites the company's better than expected FY21 preliminary revenue guidance and shipment outlook.
Bolton added that based on that forecast, the recent selloff in the stock presents a "buying opportunity."
Bolton is also raising his FY21 EPS view on ACM Research by $0.25 to $1.70.
ACM Research is engaged in developing, manufacturing, selling single-wafer wet cleaning equipment for semiconductor manufacturers.
Price Action: ACMR shares traded higher by 5.69% at $84.50 on the last check Thursday.