Ultra Clean Holdings is initiated with a Buy rating, capitalizing on secular WFE expansion and discounted valuation versus peers. UCTT is a direct beneficiary of AMAT and LRCX growth, with 59% of FY2025 revenue derived from these customers, positioning it for outsized gains. The company is set to leverage underutilized capacity, targeting $4B in annual revenue and >20% margins by 2030 as WFE spending accelerates.