UPDATE: Mizuho Securities Starts CMC Materials (CCMP) at Buy

October 12, 2021 4:09 PM EDT
Get Alerts CCMP Hot Sheet
Price: $130.14 +0.34%

Rating Summary:
    12 Buy, 4 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 5 | Down: 12 | New: 29
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(Updated - October 12, 2021 4:25 PM EDT)

Mizuho Securities analyst Kieran de Brun initiates coverage on CMC Materials (NASDAQ: CCMP) with a Buy rating and a price target of $152.00.

The analyst commented, "We are initiating on CCMP with a Buy rating and a $152 price target based on 13.5x our 2023E EBITDA, reflecting a slight premium to electronic materials peers ESI and ATC, but a discount to ENTG. We are encouraged by CCMP’s long-term growth prospects with its increasing exposure to semiconductors where demand is accelerating with the advent of 5G, autonomous driving, EV, IoT, and data processing needs. CCMP should grow at a minimum ~1-2% above the market as more complex architectures and chip miniaturization drive higher material intensity. We view the current valuation as attractive given long-term growth prospects from secular tailwinds, capital deployment opportunities, and a more heavily weighted Electronics portfolio."

For an analyst ratings summary and ratings history on CMC Materials click here. For more ratings news on CMC Materials click here.

Shares of CMC Materials closed at $120.82 yesterday.

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