Ultra Clean (NASDAQ:UCTT) Will Outpace Sector in 2011 Says Needham

Ultra Clean (NASDAQ:UCTT) had their PT and EPS estimates boosted by Needham & Co., citing the quick growth of their LED business.

Needham says, "Following the company’s presentation at the Needham Growth Conference, we came away incrementally more positive on UCTT. In conjunction with our conference recap note published today (Friday), we are updating our revenue and EPS estimates, and we raise our price target from reflecting better industry fundamentals, a faster ramp of its LED business and expanding comparable multiples. Driven by its expansion in LED, we continue to believe UCTT will be able to outgrow the industry in 2011."

Needham & Company maintains a "Buy" rating on Ultra Clean, which closed Friday at $12.42, gaining $0.72, or 6.15 percent. Needham raised their price target on Ultra Clean from $10 to $15.