MKS Instruments (MKSI) PT Raised to $143 at Goldman Sachs

Goldman Sachs analyst Toshiya Hari raised the price target on MKS Instruments (NASDAQ: MKSI) to $143.00 (from $129.00) while maintaining a Neutral rating.

The analyst comments "MKSI was up 12% on 11/7 as the company delivered 19% upside to 3Q24 non-GAAP consensus EPS and guided 4Q24 non-GAAP EPS 30% above prior Street expectations ($1.95 at the mid-point vs. $1.50). Although the NAND manufacturers have yet to meaningfully increase their Wafer Fab Equipment purchases, strength in DRAM and leading-edge Foundry/Logic in the Semiconductor business coupled with sequential growth in the Electronics & Packaging chemistry business drove upside in 3Q24. MKS also made progress as it pertains to its balance sheet, paying down another $123mn in debt in 3Q24 and an additional $216mn so far in 4Q24. Reflecting a stronger-than-expected outlook for the Semiconductor and Electronics & Packaging segments, we increase our 2024-26E non-GAAP EPS estimates, on average, by 13% and adjust our 12-month price target to $143 (up from $129 prior)."

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