Morgan Stanley initiated coverage of MKS Instruments with an Overweight rating and $155 price target. As the company’s semiconductor and electronics and packaging businesses enter a cyclical recovery, it should return to its post-acquisition deleverage playbook and see outsized earnings growth, the analyst tells investors in a research note. The firm says the semiconductor equipment and subcomponent cycle bottomed in Q3 of 2023, and that it expects wafer fab equipment growth in 2025.
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