Deutsche Bank analyst Sidney Ho raised the firm’s price target on Entegris to $95 from $90 and keeps a Buy rating on the shares. The analyst expects Enetegris’ Q4 results to be below consensus on incremental utilization cuts suggested by both foundry/logic and memory customers through the quarter. Underutilization pressures are also expected to extend into Q1, which will likely prompt cautious guidance for the quarter. The firm raises its price target based on an EV/EBITDA multiple now in line with its 5-year median due to the improved visibility over utilization cuts in CY23 as well as the firm’s belief that much of the stock’s weakness is already priced in.
Published first on TheFly
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