Materion price target lowered to $156 from $157 at KeyBanc

KeyBanc lowered the firm’s price target on Materion to $156 from $157 and keeps an Overweight rating on the shares. Following a disappointing sales shortfall via operational challenges indicated in an 8-K last Thursday morning, the firm lowers its Q1 and 2024 EPS expectations, while its 2025 is unchanged. Despite the near-term snafu, KeyBanc remains intrigued by Materion’s eventual leverage to the semis recovery and long-term idiosyncratic growth drivers, which could drive meaningful upside vs. its price target over time.