Notable Upgrades: Ultra Clean Holdings (UCTT), SanDisk (SNDK), EMC Corp. (EMC), Cirrus Logic (CRUS), Inotek (ITEK)

Analysts at Craig Hallum are out with a report this morning upgrading shares of Ultra Clean Holdings Inc. (UCTT) with a ‘Buy‘ from ‘Hold‘ rating. UCTT on Wednesday reported Q2/15 results beating on top and bottom lines. It also guided Q3 EPS and revs better than expected.

On valuation measures, Ultra Clean Holdings Inc. shares are currently priced at 40.28x this year’s forecasted earnings, which makes them expensive compared to the industry’s 14.68x earnings multiple. Ticker has a forward P/E of 14.42 and t-12 price-to-sales ratio of 0.33. EPS for the same period is $0.18.

In the past 52 weeks, shares of Hayward, Calif.-based chipmaking equipment services company have traded between a low of $5.26 and a high of $10.29 and are now at $7.25. Shares are down 41.09% year-over-year and 41.59% year-to-date.

Analysts at BofA/Merrill (BAC) upgraded their rating on the shares of SanDisk Corp. (SNDK). In a research note published on Thursday, the firm lifted the name with a ‘Buy‘ from ‘Neutral‘ rating and set a 12-month base case estimate of $75 per share.

On valuation measures, SanDisk Corp. shares are currently priced at 19.25x this year’s forecasted earnings compared to the industry’s 15.22x earnings multiple. Ticker has a PEG and forward P/E ratio of 2.29 and 14.73, respectively. Price/Sales for the same period is 1.75 while EPS is $3.30. Currently there are 10 analysts that rate SNDK a ‘Buy‘, 21 rate it a ‘Hold‘. 2 analysts rate it a ‘Sell‘. SNDK has a median Wall Street price target of $72.00 with a high target of $82.00.

EMC Corporation (EMC) was raised to ‘Outperform’ from ‘Market Perform‘ at Wells Fargo (WFC) on Thursday.

EMC is up $0.67 at $26.05 on heavy volume. Midway through trading Thursday, 16.39 million shares of EMC Corp. have exchanged hands as compared to its average daily volume of 13.86 million shares. The stock has ranged in a price between $25.65 to $26.39 after having opened the day at $25.69 as compared to the previous trading day’s close of $25.38.

Over the past year, shares of Hopkinton, Massachusetts-based company have traded between a low of $24.74 and a high of $30.92. Shares are down 9.51% year-over-year  and 13.89% year-to-date.

Cirrus Logic Inc. (CRUS) was upgraded to ‘Buy‘ from ‘Hold‘ by Stifel analysts on Thursday. The broker also set its price target on the stock at $45. Separately, Rosenblatt raised this morning their CRUS target to $38 from $30 noting the company reported June quarter results that were above firm’s views and above consensus.

CRUS is currently printing a higher than average trading volume with the issue trading 7.20 million shares, compared to the average volume of 1.19 million. The stock began trading this morning at $34.33 to currently trade 18.30% higher from the prior days close of $30.71. On an intraday basis it has gotten as low as $33.96 and as high as $37.60.

Cirrus Logic Inc. shares are priced at 42.74x this year’s forecasted earnings, compared to the industry’s 14.68x earnings multiple. The company’s current year and next year EPS growth estimates stand at (11.2%) and 7.60% compared to the industry growth rates of 17.50% and 29.20%, respectively. CRUS has a t-12 price-to-sales ratio of 2.12. EPS for the same period registers at $0.85.

CRUS shares have declined 13.32% in the last 4 weeks and 9.60% in the past three months. Over the past 5 trading sessions the stock has lost 5.33%. The Austin, Texas-based fabless semiconductor firm, which is currently valued at $2.30 billion, has a median Wall Street price target of $43.00 with a high target of $44.00. Cirrus Logic Inc. is up 24.58% year-over-year, compared with a 6.35% gain in the S&P 500.

Analysts at Nomura raised their Inotek Pharmaceuticals Corporation (ITEK) target price to $30. Cowen has also raised its target to $40.

Inotek is up over 200% intraday after the clinical-stage biopharmaceutical company today announced the Phase 3 development strategy of its lead glaucoma drug, trabodenoson, a first-in-class selective adenosine mimetic designed to restore the eye’s natural pressure control mechanism. Inotek also said that based on feedback from a recent End of Phase 2 meeting with the FDA, the company is in final preparation stages to commence its first Phase 3 trial to support a New Drug Application for trabodenoson.

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