Stifel Raises Price Target on MKS Instruments (MKSI) to $64; Reiterates Buy
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Stifel reiterated a Buy rating on MKS Instruments (NASDAQ: MKSI), and raised the price target to $64.00 (from $54.00). Stifel is projecting the company’s semi revenues to grow 10% y-o-y in 2017, well above current WFE forecast of +5%. Longer term, Stifel continues to view the opportunity more favorably, which is driving increased confidence in the company achieving its long-term goals.
Analyst Patrick Ho commented, "In conjunction with our industry note (see our note, Semi Cap Update: 3D NAND and DRAM Provide Much Heavier First Half Bias to 2017 WFE Spending (Stocks Beginning to Reflect Outlook), Nov. 22), we are increasing our FY17 (Dec) estimates slightly and raising our target price on MKS Instruments to $64 (from $54), which reflects the same 15x multiple we have been using on a 2018-19 peak EPS of $4.25 (including options) on $1.65 billion in revenue."
Shares of MKS Instruments closed at $57.43 yesterday.
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