Entegris downgraded to Neutral from Buy at Citi

Citi analyst Atif Malik downgraded Entegris to Neutral from Buy with a price target of $86, down from $92. The analyst continues to believe the semiconductor Equipment group bottomed in October last year. That said, the easy money has been made and the cycle is now entering "Phase 2", where Citi’s stock-picking framework prefers equipment/component makers to consumable/wafer start driven stocks, the analyst tells investors in a research note. The firm believes Entegris may be tied to lower non-GAAP gross margins in 2023 versus prior cycles "due to a host of company-specific and industry reasons."