Piper Jaffray Reiterates Neutral Rating On Ultra Clean Holdings Inc. (UCTT)

Piper Jaffray is out with its report on Ultra Clean Holdings Inc. UCTT, maintaining its Neutral rating and $13.50 PT.

"Over the last couple of quarters, UCTT has struggled with operations, which has impacted margins," Jaffray writes. "While the company has reorganized its manufacturing operations, we think it will take another quarter for the adjustments to have the intended effect."

Jaffray later adds, "We believe our estimates are likely to prove conservative, but we want to see evidence of improvement before becoming more constructive."

shares of UCTT closed Friday at $10.02.