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Benchmark analyst Mark Miller maintained ACM Research Inc (NASDAQ:ACMR) with a Buy and raised the price target from $35 to $38. The stock price climbed after the re-rating.
Miller noted several factors contributing to double-digit growth in 2025 for ACM Research.
The factors included strong DRAM demand driven by HBM opportunities, a recovery in NAND demand, $100 billion in combined funding by the U.S., Europe, and Japan for internal chip production, geographic expansion of demand, share gains, and new products.
As per the analyst, R&D spending for 2024 will likely represent 16% of sales, while sales and marketing are estimated to represent 7%-8% of sales.
The analyst said that general and administrative expenses will likely represent 5%-8% of sales.
For 2025, Miller projects an adjusted EPS of $2.11 on sales of $860 million. This represents 54% top-line and 29% percent bottom-line growth from 2023.
In February, ACM Research reported fourth-quarter fiscal 2023 revenues of $170.3 million, up by 56.9% Y/Y, beating the analyst consensus of $149.3 million.
ACMR reported an adjusted EPS of $0.43, beating the street view of $0.17.
Investors can gain exposure to the stock via Matthews China Discovery Active ETF (NASDAQ:MCHS) and ProShares Nanotechnology ETF (NYSE:TINY).
Price Action: ACMR shares are trading higher by 5.45% to $30.81 on the last check Wednesday.
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