Entegris price target lowered to $113 from $116 at KeyBanc

KeyBanc lowered the firm’s price target on Entegris to $113 from $116 on softer earnings, while keeping an Overweight rating on the shares. The firm maintains both its Q3 and 2023 EBITDA estimates. KeyBanc stands 2% above the consensus EBITDA for Q3, while 2023 stands 4% below. Furthermore, the firm believes the operating environment is little changed since the company last reported earnings in August as there is no meaningful recovery in either MSI or wafer capex.