Citi Downgrades Entegris (ENTG) to Hold, Prefers ATMI Inc (ATMI)
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Citi downgrades Entegris Inc (Nasdaq: ENTG) from Buy to Hold. Price target lowered from $6.50 to $1.50.
Citi analyst says, "We now see ENTG making only a slight profit in 2010 as wafer starts have come down so much that profits will remain challenging even with big cost cutting. We remain optimistic about other wafer start-driven names like ATMI (Nasdaq: ATMI) where we can see a solid product cycle. Here, however, Poco is a good deal but we view the rest of the business as simply uninspiring. While the stock will probably work with the cycle, we prefer ATMI, so as part of honing investors in on our best ideas, we are taking ENTG to Hold."
Entegris, Inc. is a developer, manufacturer and supplier of materials integrity management solutions to the microelectronics industry in general and to the semiconductor and data storage markets in particular.
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