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Needham analyst Rajvindra Gill maintained a Purchase score on SkyWater Know-how Inc (NASDAQ: SKYT) and set a value goal of $20.00.
SKYT reported a strong quarter and steering, with margins being the brilliant spot, Gill wrote in a Tuesday word titled “Can SkyWater Decouple From the Broader Semi Slowdown? We Imagine So.”
He highlighted ATS is the first driver for the beat, rising 18% Q/Q and 57% Y/Y.
He additional famous that Section 2 of the Rad-Laborious award value $100 million (RH90).
He additionally emphasised the $36 million grant award to develop capability in Florida for superior packaging.
Wafer Service income grew 36% Y/Y on account of higher pricing and better fab effectivity, he famous.
The gross margins inflect, rising to 16.8% above the 8% estimate on account of quantity, price discount, and stuck price absorption, he added.
Gill believes SKYT is uniquely buffered to a broader semi-slowdown as ~2/3 of its income is tied to firm R&D tasks.
Throughout a downcycle, corporations spend money on capability for the inevitable upswing within the cycle.
Furthermore, he was extra assured that margins had been breaking out and will develop in CY23.
Worth Motion: SKYT shares traded increased by 31.70% at $11.38 on the final verify Tuesday.
| Date | Agency | Motion | From | To |
|---|---|---|---|---|
| Feb 2022 | Needham | Maintains | Purchase | |
| Nov 2021 | Needham | Maintains | Purchase | |
| Aug 2021 | Jefferies | Downgrades | Purchase | Maintain |
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