MKS Instruments (MKSI) PT Raised to $222 at Needham & Company
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Rating Summary:
16 Buy, 2 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 4 | New: 2
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Needham & Company analyst James Ricchiuti raised the price target on MKS Instruments (NASDAQ: MKSI) to $222.00 (from $205.00) while maintaining a Buy rating.
The analyst commented, "MKSI beat on the top- and bottom-line for Q1 and provided better-than-expected guidance for Q2, though this still wasn't enough to prevent a "sell on the news" reaction from investors. Q1 results were consistent with the upbeat view provided by key market players that have led to upward revisions in WFE forecasts. Results were driven by 32% y/o/y growth (+5% q/o/q) in the Semiconductor market and 27% y/o/y growth in Advanced Markets (+6% q/o/q), both solidly above guidance. Mgmt expects the semi business and Advanced Markets to be up q/o/q in Q2, consistent with the strong Q2 revenue guide. We believe Advanced Markets can be a bigger growth driver in Q2. At the midpoint of its outlook, mgmt guided for Q2 revs and NG EPS that were 12% and 30%, respectively, above consensus. We are increasing our estimates for 2021 and 2022. Reiterate Buy."
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