UPDATE: Mizuho Securities Starts CMC Materials (CCMP) at Buy
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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."
Shares of CMC Materials closed at $120.82 yesterday.
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