Entegris initiated with a Buy at Needham

Needham analyst Charles Shi initiated coverage of Entegris with a Buy rating and $86 price target. He believes foundry will outperform other semiconductor segments over the next two to three years and expects similar outperformance from Entegris given its "take rate" is the highest from foundry segment, Shi tells investors. The business continues to outperform and even though he thinks 2023 consensus "may come down some," he believes the stock’s depressed valuation provides an attractive entry point, the analyst added.