KeyBanc raised the firm’s price target on Materion to $130 from $128 and keeps an Overweight rating on the shares. Post solid Q3 results, the firm also increases its second half of 2023-2024 estimates to reflect a richer mix, stronger cost discipline, and lower tax rate. KeyBanc remains intrigued by long-term idiosyncratic drivers, which could drive meaningful upside vs. its price target over time.
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