DA Davidson Upgrades Entegris Inc (ENTG) to Buy; Channel Checks Indicate Improving Wafer Starts
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Price: $161.76 --0%
Rating Summary:
18 Buy, 6 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 6 | Down: 10 | New: 16
Rating Summary:
18 Buy, 6 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 6 | Down: 10 | New: 16
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DA Davidson upgraded Entegris Inc (NASDAQ: ENTG) from Neutral to Buy with a price target raised from $11 to $12.00.
Analyst, Avinash Kant, said, "Our channel checks indicate that Q1 wafer starts at the leading Taiwanese foundry TSMC (NYSE: TSM) accelerated, and are now expected to be up close to 8%-10% sequentially compared to the previous expectation of up 5%. Similarly, the second leading Taiwanese foundry UMC (NYSE: UMC) had guided for a marginal increase in wafer starts on its Q4:CY11 conference call, but now may see wafer starts up more than 5% in Q1. Positive trends are also extending into Q2, as wafer starts at the Taiwanese foundries are now expected to grow by close to 10% sequentially. With 64% of revenues from unit driven businesses in the most recent quarter, we expect improving wafer starts to bode well for ENTG’s business."
"Our CY12 estimates of $0.76 on $775 million are well above consensus expectations of $0.68 on $745 million and remain unchanged. We are raising our CY13 estimates from $0.76 on $775 million to $0.80 on $800 million."
For an analyst ratings summary and ratings history on Entegris Inc click here. For more ratings news on Entegris Inc click here.
Shares of Entegris Inc closed at $8.82 yesterday.
Analyst, Avinash Kant, said, "Our channel checks indicate that Q1 wafer starts at the leading Taiwanese foundry TSMC (NYSE: TSM) accelerated, and are now expected to be up close to 8%-10% sequentially compared to the previous expectation of up 5%. Similarly, the second leading Taiwanese foundry UMC (NYSE: UMC) had guided for a marginal increase in wafer starts on its Q4:CY11 conference call, but now may see wafer starts up more than 5% in Q1. Positive trends are also extending into Q2, as wafer starts at the Taiwanese foundries are now expected to grow by close to 10% sequentially. With 64% of revenues from unit driven businesses in the most recent quarter, we expect improving wafer starts to bode well for ENTG’s business."
"Our CY12 estimates of $0.76 on $775 million are well above consensus expectations of $0.68 on $745 million and remain unchanged. We are raising our CY13 estimates from $0.76 on $775 million to $0.80 on $800 million."
For an analyst ratings summary and ratings history on Entegris Inc click here. For more ratings news on Entegris Inc click here.
Shares of Entegris Inc closed at $8.82 yesterday.
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