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Shares of ACM Research(NASDAQ: ACMR) were moving higher today after the manufacturer of wafer-cleaning equipment picked up a pair of bullish analyst ratings. The stock was up 16.5% as of 3:30 p.m. EST, adding to an impressive surge over the last week.
Morgan Stanley last night initiated coverage of ACM with an overweight rating and a price target of $45, above yesterday's closing price of $42.67. Meanwhile, Nomura analyst Donnie Teng raised his price target on ACM all the way from $33 to $70, and maintained a buy rating on the stock.