Entegris price target lowered to $103 from $112 at KeyBanc

KeyBanc analyst Aleksey Yefremov lowered the firm’s price target on Entegris (ENTG) to $103 from $112 and keeps an Overweight rating on the shares. The firm notes the company’s Q2 call generally described top line in a slow recovery mode, implying low-to-mid-single-digit declines in the second half of 2025 as mainstream logic and memory fab utilization remain soft and the fab construction capex market is down. The benefit of leading edge node transitions is muted by later transitions and should be more visible by Q4. There is low visibility into the timing of margin improvement, KeyBanc adds. While guidance disappointed investors, the firm sees some sense of conservatism in it given uncertainty and upcoming CEO transition.